G7 to block frozen Russian assets until end of war

According to Ukrinform, the text of the relevant G7 statement was posted on the website of the European Council.

“We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it caused to Ukraine,” the statement reads.  

The document underscores that it is not right for Russia to decide if or when it will pay for the damage it has caused in Ukraine.

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The G7 leaders also welcomed the adoption of the EU legal acts concerning extraordinary revenues of central securities depositories gained from Russia’s immobilised sovereign assets and encourage “further steps to enable their use, consistent with applicable contractual obligations and in accordance with applicable laws.”

European Council President Charles Michel responded to the G7 statement by assuring Ukraine of unwavering support.

“Two years ago Kremlin brought back war to Europe. Russia's aggression is an existential threat to the security and stability of the world. Ukraine's resistance - along with our G7 unity - shows that the Kremlin cannot win the war. Our determination to support Ukraine will not waver,” wrote Michel.