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G7 countries discussed prospects for transferring assets to Ukraine

G7 countries discussed prospects for transferring assets to Ukraine US Treasury Secretary Janet Yellen (GettyImages).

Some G7 countries are struggling to reach a compromise on transferring frozen Russian assets, according to Reuters.

French Finance Minister Bruno Le Maire on Wednesday publicly challenged US Treasury Secretary Janet Yellen's view that it would be legal to monetize some $300 billion in frozen Russian assets

Le Maire stated that France believes there are not sufficient grounds in international law to continue such actions and further work is needed.

"Any such moves should be fully underpinned by international law and required the support of all members of the Group of 20 major economies, which include Russia, China, and other countries that have been critical of the US," Le Maire explained.

Confiscation of Russian assets

At the end of 2023, the Financial Times reported that the US proposed to G7 countries to confiscate $300 billion of frozen Russian assets for the benefit of Ukraine.

The plan was intended to be implemented by the second anniversary of Russia's full-scale war against Ukraine. However, this did not happen.

Earlier, we wrote that, according to U.S. Treasury Secretary Janet Yellen, G7 countries urgently need to find a way to transfer Russian assets to Ukraine.