G7 holds almost US$300 billion of Russian assets, promises not to unfreeze them until Ukraine's recovery
The finance ministers and heads of central banks of the G7 countries pledged in a joint statement on 12 October to keep Russian assets worth approximately US$280 billion until Russia compensates for the damage caused to Ukraine during the full-scale invasion.
Source: European Pravda, referring to the statement of the finance ministers of the G7 countries
Details: Finance ministers and heads of central banks stressed that they will consider "all possible avenues to aid Ukraine, consistent with our respective legal systems and international law", specifically using frozen Russian sovereign assets.
Workgroup for Russian Elites, Proxies and Oligarchs (REPO) created upon the G7 initiative, has estimated that there are about US$280 billion in frozen Russian sovereign assets, and this amount will be specified in the coming months.
"We recall and reaffirm our Leaders’ Statement that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine," the G7 representatives stated.
They also promised to implement and enforce sanctions and other economic measures for further undermining of "Russia’s capacity to wage its illegal, unjustifiable and unprovoked war of aggression" and their circumvention.
Background:
- The US and European partners are studying the legal basis for using confiscated Russian assets to restore Ukraine.
- Earlier, Belgium announced that it had created a €1.7 billion special fund for the support of Ukraine, which will be filled by the taxation of Russian assets frozen in the country.
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