The G7 finance ministers made significant progress over the weekend in identifying ways to leverage frozen Russian assets to aid Ukraine. The two-day meeting in Stresa, Italy focused on finding legal and innovative solutions to provide more support to Kyiv in its ongoing conflict with Russia.
The draft final statement highlighted discussions on utilizing profits from immobilized Russian assets for the benefit of Ukraine within the boundaries of international law. Italian Finance Minister Giancarlo Giorgetti emphasized that while progress had been made, there were still technical and legal obstacles to overcome before a concrete proposal could be finalized.
The G7 reiterated their commitment to maintaining the frozen Russian assets until Russia compensates Ukraine for the damages caused. They also pledged to impose additional financial and economic sanctions on Russia, including targeting energy revenue and technology acquisition for military purposes.
Overall, the summit reflected a positive direction towards supporting Ukraine and addressing concerns over China’s trade policies. With the G7 leaders’ summit approaching in June, there is hope for further decisions and actions to be taken to assist Ukraine in its time of need.