G7 to support EU proposal to transfer income from Russian assets to Ukraine - Reuters
Photo: Big Seven will support the confiscation of income from the assets of the Russian Federation in favor of Ukraine (Getty Images)
Next week, the Big Seven countries will support the European Union's initiative to confiscate income from Russian assets for the benefit of Ukraine, reports Reuters.
According to the sources, the G7 will endorse the EU's proposal at a meeting of finance ministers from G7 countries in Stresa on May 24-25.
The official, whose name Reuters did not disclose, emphasized that the discussions would focus on the use of income from Russian assets rather than the assets themselves. They stated that any decision must have the support of EU countries and a "solid legal basis."
He further specified that finance ministers should undertake preparatory work to enable G7 leaders to make a final decision at the summit in June.
Assets of the Russian Federation for Ukraine
It's worth noting that following the onset of full-scale invasion in Ukraine, Western countries froze around $300 billion of Russian assets.
Ukrainian officials have repeatedly called for these funds to be transferred to Ukraine for recovery from the consequences of the war. However, Western countries have not yet dared to do so. Instead, the EU proposed transferring only the income from Russian assets to Ukraine.
On May 8, it became known that this proposal was supported by EU ambassadors.
