The G7 countries froze $280 billion of Russian assets. They plan to keep them until reparations are paid to Ukraine

The G7 countries have pledged to hold $280 billion in Russian assets until Russia compensates Ukraine for the damage caused by the invasion.

This is stated in the joint statement of the finance ministers and heads of the G7 central banks.

The heads of the Ministries of Finance and central banks will study "all possible ways of providing assistance to Ukraine in accordance with the legal systems and international law", in particular with the use of frozen assets.

The Russian Elites, Proxies, and Oligarchs (REPO) Task Force created at the initiative of the G7, will further clarify the value of the assets, as $280 billion is an approximate amount.

The G7 countries also pledged new sanctions and other economic measures to further undermine "Russiaʼs ability to wage an illegal, unjustified and unprovoked war of aggression."

• Currently, the United States, together with European partners, is working to create the necessary legal framework for the use of confiscated sovereign assets of the Russian Federation for the restoration of Ukraine. Legally, such assets belong to the state, and today there are no legal mechanisms for their confiscation, unlike private assets.
• The day before, Belgium informed that in 2024 it will transfer €1.7 billion to help Ukraine — these are taxes on income from frozen Russian assets. The country is creating a special fund, from which money will go to military equipment, humanitarian aid, etc.