The G7 finance ministers did not report any final agreement on using Russian assets on Saturday. 'We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilised Russian sovereign assets to the benefit of Ukraine, consistent with international law and our respective legal systems,' the ministers said in a final statement.
Italian Finance Minister Giancarlo Giorgetti said that the ministers had faced technical and legal issues, but were hoping to present a proposal before a G7 leaders' summit next month in Puglia, Italy. 'We do not deny the difficulties but there is a firm determination to arrive at a solution,' he said.
The G7 and its allies froze some $300 billion (276 billion) of Russian assets shortly after Moscow launched a full-scale invasion of its neighbor in February 2022. The meeting comes after the EU this week formally approved a plan to use interest from the Russian assets it has frozen, estimating that this could produce up to 3 billion annually for Ukraine.
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