The G7 countries have united in freezing around $280 billion in Russian assets, pledging to withhold release until Russia provides compensation for the harm caused to Ukraine, according to a statement released by the G7 finance ministers and central bank leaders on Oct. 12.
The declaration disclosed that the G7’s Working Group on Russian Elites, Trusted Individuals, and Oligarchs (REPO) identified the frozen Russian assets, considering ita “starting point.”
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“We commend the initial endeavors of the REPO to account for Russia’s sovereign assets frozen within REPO member states, amounting to an estimated $280 billion. We anticipate further refinement by the REPO Working Group in the ensuing months,” the statement read.
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G7 officials emphasized their commitment to exploring all available avenues to support Ukraine within the legal boundaries of their respective nations and international law. They underlined that the freeze on Russian assets will persist “until Russia compensates Ukraine for the harm endured.”
Reports surfaced on Oct. 12 that the United States intensified its efforts to allocate $300 billion from confiscated Russian assets to aid Ukraine. At the same time, the Estonian government granted approval for using frozen Russian assets to reimburse Ukraine for its losses.
The United States and Europe are evaluating legal mechanisms to direct $300 billion from Russian assets towards Ukraine’s reconstruction and other essential needs, U.S. Secretary of State Antony Blinken said on Oct. 5.
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