G7 postpones transfer of Russian assets to Ukraine until June
G7 countries failed to agree on confiscation of Russian assets (Getty Images)
Foreign ministers of the Group of Seven (G7) countries have endorsed a declaration following their meeting on the Italian island of Capri. The issue of transferring Russian assets to Ukraine, at the request of G7 leaders, has been postponed until June, citing a statement.
The heads of the foreign ministries of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the EU's chief diplomat, unequivocally condemned Russia's aggressive war against Ukraine.
"We reaffirm our unwavering determination to support democratic Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, within its internationally recognized borders," the statement says.
The ministers expressed determination to enhance Ukraine's air defense capabilities to save lives and protect critical infrastructure. "We will also work with partners towards this end. In this context we appreciate the Immediate Action for Air Defense Initiative (IAAD) proposed by Germany," the document says.
The ministers said that Russia must pay for the damages and destruction it causes and condemned Russia's recent strikes on Ukraine's energy infrastructure.
"We will continue to explore all possible avenues to aid Ukraine in obtaining compensation from Russia, consistent with our respective legal systems and international law. As requested by Leaders, we will continue our work and advise ahead of the Apulia Summit on all possible avenues and feasible options by which immobilized Russian sovereign assets could be made use of to support Ukraine, consistent with our respective legal systems and international law," the statement says.
The 50th summit of the Group of Seven (G7) at the highest level will take place from June 13 to 15, 2024, in Brindisi, Apulia, Italy.
Russian assets
The EU and Group of Seven (G7) countries have frozen the assets of the Russian central bank amounting to about $300 billion following Moscow's invasion of Ukraine. The EU and G7 have been discussing for over a year whether and how to use these funds.
US Treasury Secretary Janet Yellen said that the United States, along with other G7 countries, is exploring several options for transferring frozen Russian assets to Ukraine simultaneously.
According to Yellen, one of the most promising proposals is for G7 countries to transfer a percentage of the income from frozen Russian assets to Ukraine for use as collateral for loans or bonds issued to assist Ukraine.
