Finance ministers from the G7 countries convened in Italy to discuss unlocking funds from frozen Russian assets for Ukraine and uniting against China’s trade practices. U.S. Treasury Secretary Janet Yellen proposed more ambitious options to release funds from the $260 billion in Russian central bank reserves frozen in Europe and the U.S. Aid for Ukraine has become increasingly critical as the conflict persists and Russian attacks on civilian infrastructure intensify.
Proposals include borrowing against the future interest income from the frozen assets to provide immediate financial assistance to Ukraine. The ministers are working towards final decisions at the upcoming G7 summit in June. Yellen also emphasized the need for a unified stance against China’s trade practices, particularly its state subsidies in various sectors.
The urgency for financial support for Ukraine is evident as the country struggles to meet its financial obligations amidst the ongoing conflict. The G7 plays a pivotal role in shaping global economic policies and security measures. The upcoming summit will address key issues impacting the international community.