G7 Mulls Utilizing Frozen Russian Assets to Aid Ukraine

The G7 is considering using the future income from $300 billion in frozen Russian assets to support Ukraine. Finance leaders from the Group of Seven industrial democracies are making headway in discussions on how to channel these funds to benefit the war-stricken nation. A final draft will be released soon.

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 said on Saturday, according to a draft statement seen by Reuters. The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbour in February 2022.

"We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement said. The statement will not undergo significant changes before a final version to be released later on Saturday, a G7 source said.