The G7 will explore ways of using the future income from frozen Russian assets to help Ukraine, finance chiefs from the Group of Seven industrial democracies havew said, according to a draft statement seen by Reuters.
The G7 froze some $300 billion of Russian assets shortlyafter Moscow invaded its neighbour in February 2022.
“We are making progress in our discussions on potentialavenues to bring forward the extraordinary profits stemming fromimmobilized Russian sovereign assets to the benefit of Ukraine,”the draft statement said.
The statement will not undergo significant changes before afinal version to be released later today, a G7 source said.
The ministers will be joined today by Ukraine’s Finance Minister Serhiy Marchenko, whose war-torn country is struggling to contain a Russian offensive in the north and the east, more than two years after Moscow first invaded.
The finance ministers and central bankers meeting in Stresa, northern Italy, aim to present options on the issue of Ukraine funding for G7 heads of government to consider at a summit in mid-June, the statement said.
“Consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilised until Russia pays for the damage it has caused to Ukraine,” the statement said.
China’s growing export strength and what G7 ministerscall its industrial “over capacity” have been another central theme of the two-day gathering in the northern Italian lakesidetown of Stresa.
“We express concerns about China’s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience,” the statement said.
“We will continue to monitor the potential negative impacts of over capacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles.”
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