G7 Nations: Russian assets remain frozen

The Group of Seven (G7) countries have announced that Russian assets will remain frozen until Moscow pays war reparations to Ukraine.

This was reported by The Kyiv Independent. The assets are currently estimated at $280 billion. “We will continue our efforts to ensure Russia pays for the long-term rebuilding of Ukraine,” stated the declaration from the G7 finance ministers and central bank governors. “We will also explore all options to support Ukraine in line with our respective legal systems and international law.” Additionally, the countries committed to continuing sanctions against Russia.

Ongoing discussions about procedures

“We will further strengthen coordination on monitoring cross-border transactions between Russia and other countries, take additional measures against the Russian financial sector as needed, and closely monitor the effectiveness of the price ceilings for Russian crude oil and petroleum products,” the statement continued. This comes amid ongoing discussions between the USA and the EU about developing legal procedures required to transfer the frozen Russian assets to Ukraine.

Image: Kremlin.ru, Vladimir Putin meeting with government ministers (2022-07-08) 02, CC BY 4.0, via Wikimedia Commons (image size modified)

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