G7 Plans to Keep Russian Assets Frozen Even After End of War in Ukraine

Leaders of the Group of Seven (G7) nations plan to maintain the freeze on Russian assets even after the war in Ukraine concludes, according to reports from the Japanese outlet Nikkei. Several G7 sources, including senior EU officials, have confirmed this information.

The report states that G7 leaders will release an official statement on this matter later this month. The statement is expected to confirm that Russian sovereign assets will remain immobilized until Russia ceases its aggression against Ukraine and compensates for the damage caused by its actions.

“We reaffirm that Russia’s sovereign assets within our jurisdictions will remain immobilized until Russia halts its aggression and compensates for the harm it has caused to Ukraine,” reads the draft statement prepared by this year’s G7 chair, Italy.

The draft also outlines the bloc’s plan to provide Ukraine with a $50 billion loan as part of ongoing financial support efforts.

Earlier this month, the European Union approved a contribution of up to €35 billion to the G7 loan package, although opposition from Hungary has delayed the implementation of mechanisms preventing the unexpected release of Russian assets.

According to media reports, the United States is prepared to offer up to $20 billion to Ukraine as part of the G7 loan, while the United Kingdom is set to contribute nearly $3 billion to the joint financial assistance package.