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G7 intends to use frozen Russian assets to help Ukraine

2024-05-25 14:43:00, Kosova & Bota CNA

G7 intends to use frozen Russian assets to help Ukraine

The Group of Seven (G7) most industrialized nations will explore ways to use future proceeds from frozen Russian assets to help Ukraine. This is what the finance ministers of the group said in a statement on May 25, Reuters reports.

The G7 froze about $300 billion worth of Russian assets shortly after Moscow launched an invasion of its neighbor in February 2022.

"We are making progress in our talks on possible proceeds from frozen Russian sovereign assets for the benefit of Ukraine," the draft statement said.

The final statement, to be published later on May 25, could undergo major changes, a source told Reuters.

The G7 ministers will be joined by Ukrainian Finance Minister Serhiy Marchenko, whose country is facing a new Russian offensive in the north and east of the country.

Finance ministers and central bankers are meeting in Stresa, northern Italy, to present options on the Ukraine financing issue, before G7 heads of government discuss the issue at a summit in mid- of June.

"Based on our legal systems, Russia's sovereign assets that are under our jurisdiction will continue to be frozen until Russia pays for the damage it has caused to Ukraine," the statement said./ REL





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