RIO DE JANEIRO, February 27. /TASS/. The Group of Seven (G7) has not yet developed a preferred strategy for the confiscation or any other use of Russian assets frozen by the West, but is working to ensure that this is in line with national and international law, US Secretary of the Treasury Janet Yellen said at a press conference in Sao Paulo, Brazil, on the eve of a meeting of finance ministers and central bank governors of the G20 countries.

When asked whether the West had developed a preferred way for what could be done with frozen Russian assets, including their confiscation, she said:

"We don't have a preferred strategy for how to do this. We want the G7 in our allies to act together. Different countries have different concerns, and we want to find a way to unlock the value of these assets consistent with domestic and international law and something that can command support for all of us."

According to her, Russian assets can be used as collateral for borrowing on world markets.

"With respect to Russian sovereign assets, I believe that the G7 should work together to explore a number of approaches that have been suggested for unlocking their economic value. One of course, would be seizing the assets themselves, but there are other ideas, such as using them as collateral to borrow from global markets," the Secretary of the Treasury said added that "seizure would be the simplest possibility."

This "would require legislation there is a bill before Congress now that would permit that not require but permitted," she said.

"And I believe in most of the G7 countries, some domestic action would need to be taken to make that legal so it's important for the G7 to work together," Yellen added.

"There is a counter measures theory that I believe has strong justification in international law. And if that is the International justification, that is chosen, of course the measures would have to be designed to comply with that requirement," Yellen said.

As Russian Foreign Ministry spokeswoman, Maria Zakharova, said earlier, at present "the G7 are itching to confiscate the seized property" of Russia and transfer the funds to the Kiev regime. According to her, "this will become a dangerous precedent, an important signal for everyone who is still doing business with the West." Zakharova drew attention to the fact that the G7 has been turned into a kind of headquarters for the Western coalition fight against Russia.