G7 statement: Russia will not gain access to assets until it compensates for the damage caused to Ukraine
Russian assets will remain frozen until the aggressor country ends the war against Ukraine and compensates for the damages caused, according to a joint communiqué adopted following the G7 finance ministers' summit.
"We confirm that, in accordance with our legal systems, Russian sovereign assets in our jurisdictions will remain frozen until Russia ceases its aggression and pays for the damage caused to Ukraine," the G7 joint statement said.
The G7 stressed that they support current efforts to achieve a ceasefire.
"If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure, such as further strengthening sanctions," the statement said.
The G7 countries also recognized that mobilizing the private sector will play an important role in the recovery and reconstruction of Ukraine.
They cited a World Bank estimate that the costs could reach $524 billion over the next decade.
In this context, they announced their intention to continue their support through the MIGA SURE Trust Fund and to work with the Government of Ukraine, international financial institutions and the insurance sector through the Donor Platform for Ukraine. One of the goals is to lift the full ban currently imposed on Ukraine as soon as possible.
It is separately stated that countries and organizations that financially or technically supported the Russian military machine will not have the right to profit from the reconstruction of Ukraine.
"We will continue to coordinate support to facilitate the earliest possible recovery and reconstruction of Ukraine, including at the Ukraine Recovery Summit to be held in Rome on July 10-11, 2025," the G7 said.
- On May 8, Ukraine received a fourth tranche of €1 billion from the EU, using proceeds from frozen assets of the Central Bank of Russia. According to Prime Minister Shmyhal, this money will be used to cover critical budget expenditures and strengthen Ukraine .
- On May 9, the European Union allocated 1 billion euros from excess profits from frozen Russian assets to the Ukrainian defense industry.
