G7 ministers cite 'progress' on Russian assets for Ukraine
A search for creative yet legally sound solutions was top of the agenda at the two-day Group of Seven meeting in Stresa as Kyiv continues its urgent appeals for more funds
Published: 06:05 PM,May 25,2024 | EDITED : 10:05 PM,May 25,2024
Finance Ministers and Central Bank Governors pose for a picture at the G7 Finance Ministers meeting in Stresa, Italy. — AFP
STRESA: G7 finance ministers cited 'progress' on Saturday in finding ways to use profits from frozen Russian assets to help Ukraine, envisioning a concrete proposal to present to a leaders' summit next month.
A search for creative yet legally sound solutions was top of the agenda at the two-day Group of Seven meeting in Stresa, northern Italy that wrapped up on Saturday, as Kyiv continues its urgent appeals for more funds from Western allies in its third year of war with Russia.
'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 draft final statement.
They hope to present a proposal that is 'defined in all its dimensions' to G7 leaders ahead of a summit in Puglia, southern Italy, on June 13-15, Italian Finance Minister Giancarlo Giorgetti told a final press conference on Saturday. 'Progress has been made,' Giorgetti said, adding that there was a 'strong political positioning by all the G7 countries' over the idea.
An agreed proposal 'is clearly not yet finalised because it has significant technical and legal issues', Giorgetti cautioned. 'We do not deny the difficulties but there is a firm determination to arrive at a solution,' he added.
G7 finance ministers reiterated in the draft that Russian assets frozen by the Group of Seven nations 'will remain immobilised until Russia pays for the damage it has caused to Ukraine'.
But they went further, saying they were 'committed to further financial and economic sanctions... including continuing to target Russia's energy revenue and future extractive capabilities'.
The summit wrapped up a day after the United States announced a new $275-million package of aid for Kyiv, part of a $61-billion military aid deal passed by Congress last month after months of delays. Kicking off the finance summit, US Treasury Secretary Janet Yellen had urged her counterparts to embrace 'ambitious options' in considering how to use the frozen Russian assets.
A debated US proposal would tap the interest generated by the 300 billion euros of Russian central bank assets frozen by the G7 and EU, creating a $50-billion loan facility backed by future interest on the assets. — AFP
A search for creative yet legally sound solutions was top of the agenda at the two-day Group of Seven meeting in Stresa, northern Italy that wrapped up on Saturday, as Kyiv continues its urgent appeals for more funds from Western allies in its third year of war with Russia.
'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 draft final statement.
They hope to present a proposal that is 'defined in all its dimensions' to G7 leaders ahead of a summit in Puglia, southern Italy, on June 13-15, Italian Finance Minister Giancarlo Giorgetti told a final press conference on Saturday. 'Progress has been made,' Giorgetti said, adding that there was a 'strong political positioning by all the G7 countries' over the idea.
An agreed proposal 'is clearly not yet finalised because it has significant technical and legal issues', Giorgetti cautioned. 'We do not deny the difficulties but there is a firm determination to arrive at a solution,' he added.
G7 finance ministers reiterated in the draft that Russian assets frozen by the Group of Seven nations 'will remain immobilised until Russia pays for the damage it has caused to Ukraine'.
But they went further, saying they were 'committed to further financial and economic sanctions... including continuing to target Russia's energy revenue and future extractive capabilities'.
The summit wrapped up a day after the United States announced a new $275-million package of aid for Kyiv, part of a $61-billion military aid deal passed by Congress last month after months of delays. Kicking off the finance summit, US Treasury Secretary Janet Yellen had urged her counterparts to embrace 'ambitious options' in considering how to use the frozen Russian assets.
A debated US proposal would tap the interest generated by the 300 billion euros of Russian central bank assets frozen by the G7 and EU, creating a $50-billion loan facility backed by future interest on the assets. — AFP