At its meeting in Italy, the G7 (a group of the world’s most industrialized nations) decided to focus on Russia’s energy revenues and its extraction capabilities, according to a document accessed by Agence France Presse (AFP).
The European Union (EU) has already imposed 13 sanctions against Russia.
A new package targeting liquefied natural gas (LNG) banning transfers via the EU to third countries is underway.
According to the same document, G7 finance ministers also agreed to avoid or oppose attempts to avoid sanctions.
The G7 marks progress in the use of Russian assets
G7 finance ministers also noted progress in talks on using Russian assets to help Ukraine.
We are moving forward with possible ways to expect extraordinary benefits from Russian sovereign assets to help Kiev, “in accordance with international law and our respective legal systems,” indicated the G7, Agence France Presse (AFP) had access to.
The aim is to present options for additional financial assistance to Ukraine before the June summit.
The G7 (a group of the world’s most industrialized nations) argued that Russia’s sovereign assets would “remain immovable” until Moscow paid for the damage it had caused to Ukraine.
However, the committee could not agree on a mechanism to raise funds for Ukraine from future interest generated by the Russian central bank’s 300 billion euro assets. This amount is frozen by Europe.
The G7 is made up of the United States, Italy, Japan, Canada, Great Britain, France and Germany.
The Russian military offensive on Ukrainian territory, launched on February 24, 2022, has plunged Europe into what is considered the worst security crisis since World War II (1939-1945).
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