G7 will not unfreeze assets until Russia pays compensation to Ukraine

The G7 members do not plan to unfreeze the assets of the Russian Federation until the aggressor state pays Ukraine compensation for the damage caused by the war.

This was reported by RBC-Ukraine with reference to Bloomberg.

The finance ministers of the Group of Seven countries plan to sign a communiqué in the morning and lay the groundwork for using the profits from frozen Russian assets to help Ukraine.

“We are discussing potential schemes to channel the extraordinary proceeds of frozen Russian sovereign assets to the benefit of Ukraine,” the draft communiqué reads.

At the same time, the text states that, in accordance with the relevant legal systems, Russia's sovereign assets in national jurisdictions will remain frozen until Russia pays for the damage it has caused to Ukraine.

The ministers are going to discuss Ukraine on Saturday. At the same time, Canadian Finance Minister Chrystia Freeland acknowledged progress in discussions on the fate of Russian assets and added that the G7 has not yet reached the goal, but she is very optimistic that it will be achieved.

Western countries froze Russian assets after the start of the invasion of Ukraine, and we are talking about $300 billion. At the same time, there are no plans to confiscate them in favor of Ukraine.

Author - Serhii Kolomiets, 25/05/2024