Allies make progress on using Russian assets for Ukraine, U.S. official says

WASHINGTON (Reuters) -The United States and its G7 partners are making progress on finding ways to provide more urgently needed funds to Ukraine by tapping the value of profits earned on frozen Russian assets, a senior U.S. Treasury official said on Tuesday.

Brent Neiman, assistant secretary for international finance, said a recent decision by the European Union to use the annual flow of windfall profits earned on the immobilized assets could potentially deliver billions of dollars per year to help Ukraine fight off Russia's military invasion.