Russia will not gain access to frozen assets until it compensates Ukraine for losses: G7 statement
Russian assets will remain blocked until the aggressor state stops the war against Ukraine and compensates for the damage caused. About this it is said in the joint communique adopted following the summit of finance ministers of the G7 countries.
“We confirm that, in accordance with our legal systems, Russia’s sovereign assets in our jurisdictions will remain frozen until Russia ceases its aggression and pays for the damage caused to Ukraine.” – stated in the G7 statement.
The G7 leaders underlined their support for ongoing efforts to achieve a ceasefire.
“If such a cease-fire is not agreed upon, we will continue to explore all possible options, including options for maximizing pressure, such as further tightening of sanctions,” – the document says.
The communique also emphasized the important role of the private sector in the process of rebuilding Ukraine. The G7 cites a World Bank estimate that reconstruction costs could reach $524 billion over the next ten years.
In this regard, the G7 countries confirmed their intention to continue support through the MIGA SURE trust fund, as well as cooperation with the Ukrainian government, international financial institutions and insurance companies within the Donors Platform for Ukraine. Among the key tasks is to cancel the complete ban on Ukraine as soon as possible.
It was separately emphasized that countries and organizations that financially or technically supported the Russian war will not have the right to participate in the process of reconstruction of Ukraine.
“We will continue to coordinate support to facilitate the speedy recovery and reconstruction of Ukraine, in particular at the summit on the recovery of Ukraine, which will be held in Rome on July 10-11, 2025.” – summed up in the G7.
