The finance ministers and central bank governors of the Group of Seven (G7) countries issued a joint statement after a meeting in Canada, in which they emphasized that frozen Russian assets will remain frozen until Russia ends the war and pays reparations to Ukraine.
This was reported by the press service of the Canadian presidency of the G7.
"We confirm that, in accordance with our respective legal systems, Russian sovereign assets in our jurisdictions will remain frozen until Russia ceases its aggression and pays for the harm it has caused to Ukraine," the document states.
The G7 countries confirmed that they continue to support Ukraine — its right to freedom, independence, and the defense of its borders, as well as its desire for a just and sustainable peace.
They also support attempts to agree on a ceasefire, but if there is no agreement, they will consider, in particular, increasing pressure on Russia through new sanctions.
The World Bank estimates that Ukraine’s recovery could cost more than $500 billion over the next ten years. And business will play a key role in that. That’s why the G7 is working to build trust in the Ukrainian market to encourage investors to enter.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
On October 23, the EU Council finally approved a loan of up to €35 billion to Ukraine. The money is the blocʼs contribution to the G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with the proceeds from frozen Russian assets.
And on October 26, the G7 countries agreed on a $50 billion loan for Ukraine using proceeds from Russiaʼs frozen assets. The US contribution is $20 billion.
The money will be transferred “through various channels” — both to replenish the Ukrainian budget, and for military assistance and the restoration of Ukraine’s infrastructure. Reuters notes that Ukraine will receive all the funds under the loan by the end of 2027.
For more news and in-depth stories from Ukraine, please follow us on X.