Russia must compensate Ukraine for war damages, currently $486 billion – G7 statement
G7 summit in Italy (Photo: EPA)

Russia must end its illegal aggressive war and pay for the damages it has inflicted on Ukraine, which, according to the World Bank, amounts to over $486 billion, as stated in the communiqué from the G7 countries following their summit in Italy.

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The leaders also stressed that Russian sovereign assets in their jurisdictions would remain frozen.

"It is not right for Russia to decide if or when it will pay for the damage it has caused in Ukraine. Russia’s obligations under international law to pay for the damage it is causing are clear, and so we are continuing to consider all possible lawful avenues by which Russia is made to meet those obligations," the statement reads.

The G7 countries assured that they are determined to dispel the misconception that time is on Moscow's side and that the destruction of infrastructure and livelihoods has no consequences, or that Russia can win by causing Ukraine's economic collapse.

Additionally, they declared that they would continue to provide Ukraine with military, humanitarian, and budgetary support for as long as necessary.

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