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Main Business — The G7 countries have frozen $280 billion of Russian assets, and they will not be unfrozen until Ukraine is restored

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The G7 countries have frozen $280 billion of Russian assets, and they will not be unfrozen until Ukraine is restored

13 Oct, 2023
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The G7 countries have frozen $280 billion of Russian assets, and they will not be unfrozen until Ukraine is restored

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Finance ministers and central bank heads of G7 countries have pledged in a joint statement to keep Russia's assets frozen until Russia compensates Ukraine for the losses resulting from the full-scale invasion.

The statement was quoted by the European Truth.

The leaders of finance ministries and central banks emphasized that they would explore "all possible ways to provide assistance to Ukraine in accordance with our legal systems and international law," including using frozen Russian sovereign assets.

A working group on Russian elites, trusted individuals, and oligarchs (REPO), initiated by the G7, has identified approximately $280 billion in frozen Russian sovereign assets, and this amount will be refined in the coming months, as stated in the announcement.

"We remind and confirm our leaders' statement that, according to our legal systems, Russia's sovereign assets within our jurisdictions will remain frozen until Russia compensates for the harm it inflicted on Ukraine," emphasized G7 representatives.

They also pledged to continue introducing and implementing sanctions and other economic measures to further undermine "Russia's ability to conduct an unlawful, unwarranted, and unprovoked aggressive war," as well as to prevent their circumvention.

The issue with using Russia's sovereign assets is that they legally belong to the state, and unlike private assets, there is no mechanism for their confiscation. As known, the United States is collaborating with European partners to create the necessary legal framework to utilize confiscated Russian assets for the reconstruction of Ukraine.

The Odessa Journal

The Odessa Journal

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