The Group of Seven (G7) is exploring the possibility of using future revenues from frozen Russian assets to support Ukraine. This initiative was discussed by the finance ministers of the seven most developed countries in the world, according to a draft joint statement.
A United Kindom (UK) news agency mentioned that the G7 froze approximately 300 billion dollars worth of Russian assets shortly after Moscow launched its invasion of Ukraine in February 2022.
“We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from blocked Russian state assets for the benefit of Ukraine,” the draft statement says.
A source from the G7 stated yesterday that there would not be significant changes before the final version was released later yesterday.
Yesterday, the G7 finance ministers were joined by Ukraine’s Finance Minister, Serhiy Marchenko.
The finance ministers and central bank governors, who met in Stresa, northern Italy, presented options for financing Ukraine to be considered by G7 leaders at their summit in mid-June.
“In accordance with our legal systems, Russian sovereign assets in our jurisdictions will remain blocked until Russia pays for the damage it has caused to Ukraine,” the statement says.
