G7 to hold Russian assets until Moscow pays compensation to Ukraine

"Russia will have to pay for the damage and devastation it is causing to Ukraine and its people," the Foreign Ministry of Italy stated.

The ministers reaffirmed their determination to keep Russia's sovereign assets in their jurisdictions immobilized until Moscow pays Ukraine for the damage it has caused.

"The G7 members will continue to explore all possible ways to assist Ukraine in obtaining compensation from Russia in accordance with their legal systems and international law," the Italian Foreign Ministry added.

Confiscation of Russian assets

At the end of 2023, the Western press reported that the United States had proposed to the G7 countries to confiscate $300 billion in frozen Russian assets in favor of Ukraine. The initiative was supposed to be agreed upon by February 24, 2024, but this issue is still being discussed between the partners.

According to Deputy Justice Minister Iryna Mudra, this year Ukraine expects to transfer $4 billion of Russian assets frozen in the G7 and EU countries.