The US proposed to its Group of Seven allies that they create a special purpose vehicle to issue at least $50 billion of bonds backed by the profits generated by frozen Russian sovereign assets and use the proceeds to support Ukraine, according to people familiar with the plan.
The proposal would pool the $280 billion of Russian central bank assets that have been immobilized by G-7 countries and the European Union in the SPV, the profits of which would back the so-called freedom bonds, said the people, who spoke on the condition of anonymity.
