G7 froze Russian $280 billion until “compensation” is paid to Ukraine

Russian $280 billion will remain frozen until “compensation” is paid to Ukraine , the G7 said. They also promised to study the issue of transferring excess income from this money to Kyiv. RUSSIA called freezing its assets theft Kiev, Ukraine

Russia's $280 billion in sovereign assets held in the accounts of G7 countries ( UK , Germany , Italy , CANADA , France , Japan and the US ) will remain frozen until "Russia pays for the damage it has caused to Ukraine." This is stated in a statement by the finance ministers of the G7 countries.

The ministers emphasized that the G7 countries confirm their “unwavering support” for Ukraine and are united in condemning Russia’s “illegal and unjustified” actions.

“We will continue our efforts to ensure that Russia pays for the long-term reconstruction of Ukraine. We will also explore all possible ways to provide assistance to Ukraine in accordance with our respective legal systems and international law,” the statement said.

The ministers welcomed the efforts of the working group “Russian Elites, Proxies and Oligarchs” (REPO - is engaged in the search and freezing of assets of Russians subject to sanctions ) , which managed to freeze Russian assets in the jurisdictions of the G7 countries for approximately $280 billion. They emphasized that the funds will remain “immobilized” until Russia pays “compensation” to Ukraine.

“We will examine how any windfalls of private companies received directly from immobilized Russian sovereign assets, when those windfalls are not required to fulfill obligations to Russia under applicable law, can be used to support Ukraine and its recovery in accordance with applicable law.” , noted the G7.

In March 2022, the HEAD of the Ministry of Finance, Anton Siluanov, announced that due to sanctions from the EU , the United States and other countries, Russia had lost access to almost half of its gold and foreign exchange reserves - $300 billion out of approximately $640 billion. The head of the European Commission, Ursula von der Leyen, said last fall that the goal The EC will not freeze, but confiscate these funds - for this, Brussels is working on an appropriate legal framework, since current European standards only allow freezing.

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The freezing of assets of the Central Bank of Russia is necessary as a “guarantee” of payment of “compensations” to Ukraine, the EC stated. Prime Minister of Belgium Alexander De Croo announced yesterday that Belgium will transfer €1.7 billion in taxes on Russian assets to Ukraine. The funds, he said, will be used, among other things, for military equipment, humanitarian aid and the restoration of the country. The G7 also promised to step up its diplomatic, financial, humanitarian and military support for Ukraine, as well as increase costs for those who help Russia.

Russia considers it illegal to block its assets abroad. Press Secretary of the Russian President Dmitry Peskov said that Russian assets were “simply stolen” by the collective West. According to him, this is nothing more than an “encroachment on state property.”