G7 plans to keep Russian assets frozen after war in Ukraine ends, Nikk

Details: Written by: Kateryna Hodunova; 22.Oct; Hits: 4

The Group of Seven (G7) plans to keep Russian assets frozen even after the end of Russia's war against Ukraine, the Japanese news agency Nikkei reported on Oct. 22, citing its undisclosed sources from G7.European countries hold roughly two-thirds of the $300 billion in Russian sovereign assets immobilized after the outbreak of the full-scale war.

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The Kyiv Independent is Ukraine’s fastest-growing English-language media outlet, created in November 2021, just three months before the full-scale Russian invasion of Ukraine.

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While hesitant to confiscate the assets outright, the European Union has devised a plan to use windfall profits to fund Ukraine's reconstruction and defense needs.G7 leaders will issue a joint statement in October saying that "Russia's sovereign assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," according to the draft prepared by this year's chair, Italy.The bloc will also guarantee a $50 billion loan to Kyiv, Nikkei reported, citing the draft.During the June G7 summit in Italy, G7 leaders publicly confirmed a deal to provide Ukraine with the $50 billion loan by the end of the year. The loan will be repaid using interest from billions in frozen Russian assets.In September, European Commission President Ursula von der Leyen announced a loan of up to 35 billion euros ($39 billion) as part of that pledge.

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https://kyivindependent.com/g7-plans-to-keep-russian-assets-frozen-after-russias-war-in-ukraine-ends-media-says/

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