Biden Seeks Plan to Tap Russian Assets for Ukraine by G-7 Summit

US President Joe Biden wants the Group of Seven nations to make progress on plans to tap frozen Russian sovereign assets to help support Ukraine by the time the leaders meet in June, according to people familiar with the matter.

G-7 officials have been discussing options to use the $280 billion of immobilized Russian Central Bank assets, including using the money as collateral to raise debt or issuing guarantees against the frozen funds, said the people, who spoke on the condition of anonymity.

The debate comes as Ukraine faces a critical shortage of artillery and other ammunition while allies struggle ...