The G7 announced that it was working on using the entire sum of Russian assets.

Finance ministers from the Group of Seven (G7) countries agreed to jointly increase pressure on RUSSIA. This was stated in a joint statement by the ministers of the organization's member countries, published on the Canadian government's website.

"We <...> agreed to take joint steps to increase pressure on Russia <...> to support Ukraine," reads the statement agreed upon following the online meeting on October 1.

The statement said that G7 countries are developing "a wide range of options to meet Ukraine's financial needs."

“Among other things, these measures include the coordinated use of the entire amount of Russian assets blocked in our jurisdictions,” the ministers said.

Following the start of the military operation in Ukraine, the European Union, CANADA , the United States , and Japan froze approximately $300 billion in securities and cash held by the Russian Central Bank. Of this, approximately $5–6 billion is held in the United States, and the majority is in Europe.

German Chancellor Friedrich Merz previously proposed providing Ukraine with an unprecedented loan of €140 billion using Russian assets . Belgium and France have already spoken out against the initiative .

The parties agreed to strengthen measures against Russian oil exports, which they called the country's main source of income.

"We will clamp down on those who continue to increase their purchases of Russian oil following the invasion of Ukraine and those who facilitate the circumvention of sanctions," the document states.

G7 members also agreed on the importance of trade restrictions such as tariffs and import and EXPORT bans .

"We will take concrete measures to significantly reduce, with the goal of gradually phasing out, the remaining imports from Russia, including hydrocarbon imports," the statement said.

it also emphasizes that the G7 is seriously considering trade measures and other restrictions against countries and organizations that purchase Russian energy resources. In particular, these could affect petroleum products derived from Russian oil.

The organization promised to resume work on measures at the upcoming annual meetings of the IMF and World Bank in Washington on October 15.

The G7 countries intend to significantly tighten sanctions against Russia and are already close to an agreement, as reported yesterday.BLOOMBERG . According to the agency, the new sanctions package will include measures targeting, among other sectors, the energy, finance, and military industries, as well as Russia's largest oil companies. The G7 plans to finalize the package in October.

Moscow, a source close to the government told Bloomberg, is preparing a plan that will allow for the rapid nationalization of foreign assets in response to the EU's actions if it decides to seize Russian assets abroad.

Russia considers Western sanctions illegal. Russian presidential press secretary Dmitry Peskov stated that the Russian economy continues to operate under "a huge number of sanctions" and has developed "a certain immunity" to them.

The Russian side emphasized that it would take legal action if the West made any decisions regarding frozen Russian funds. President Vladimir Putin has repeatedly stated that "theft of other people's assets" will not go unpunished.

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