During the summit on June 13, the G7 countries made progress on the issue of using frozen Russian assets to benefit Ukraine.
Italian Prime Minister Giorgia Meloni announced that the G7 countries reaffirmed their commitment and reached a political agreement to provide additional financial support to Ukraine, amounting to approximately $50 billion by the end of the year.
This support will be provided not through the confiscation of Russian assets themselves, but by utilizing the profits generated from these assets over time.
"You understand well that today's step is a fundamental political move, which will now need to be quickly specified from a technical point of view, evidently taking into account the frameworks already adopted at the EU level, but this is an unexpected result that I am particularly proud of," she noted.
Frozen Russian assets constitute a significant portion of its financial reserves, serving as a key tool of economic pressure applied by Western countries in response to Russia's aggressive actions.
Following Russia's invasion of Ukraine in February 2022, Western countries including the European Union, the United States, Canada, Japan, and others, froze Russian assets totaling over $300 billion USD. These assets include the foreign-held gold and currency reserves of the Central Bank of Russia.
