Media: G7 demands that Russia pay Ukraine $486 billion in damages

Russia should compensate Ukraine for losses in the amount of $486 billion, the G7 leaders said. Politicians are currently evaluating legal ways to collect this money from Moscow.

Extracts from the text of the declaration are given by the Italian agency ANSA.

"Russia must stop its illegal war of aggression and pay for the damage caused to Ukraine. According to the World Bank, this damage already exceeds $486 billion. Russian assets in the West will remain frozen until the conflict ends and the specified amount is paid to Kyiv. The G7 countries are also ready to provide Ukraine with a loan of $50 billion, payments for which will be made from the proceeds of frozen Russian assets," the statement said.

In addition, the G7 promise to continue the pressure on Russiaʼs profits from the trade in raw materials and energy carriers.

The leaders emphasized their unwavering support for Ukraine and promised to continue providing military, financial and humanitarian aid to Kyiv.

• The G7 countries have been debating for more than a year whether it is possible to confiscate Russian assets without undermining confidence in the international financial system. Some EU members who are afraid of lawsuits from Russia oppose such a move. The EU wants to transfer to Ukraine only income from assets (Prime Minister of Ukraine Denys Shmyhal estimated them at €5–8 billion this year alone). Great Britain offered to "lend" all frozen Russian assets to Ukraine on the condition that if Russia pays reparations to Ukraine, the frozen funds will be returned to it.