G7 finance ministers have signaled their readiness to consider utilizing the full value of frozen Russian sovereign assets to financially support Ukraine. This move is intended to serve as a tool to end the war, secure a just and lasting peace, and ensure Russia pays reparations.
This was outlined in a joint statement released following a virtual meeting of the G7 finance chiefs. In the document, the Group of Seven reaffirmed its unwavering support for Ukraine's defense of its territorial integrity and its right to exist.
A key focus of the statement is the willingness to work on financial solutions that could involve the harshest scenario. The ministers emphasized their intention to develop a "broad range of financing options to support Ukraine, including the potential use of the full value of Russian sovereign assets immobilized in our jurisdictions until Russia pays reparations." At the same time, the G7 stressed that any steps would remain consistent with "our respective legal frameworks."
Representatives from the IMF, the World Bank Group, and other international organizations also participated in the discussions. The parties agreed that supporting Ukraine must remain a top priority on the G7 agenda, particularly during France's upcoming presidency.
Separately, the G7 confirmed its readiness to back the Ukrainian government's reform agenda. This includes measures to combat the shadow economy and corruption, as well as efforts to improve public governance, including within the state-owned enterprise sector. The statement also noted support for the new IMF program for Ukraine.
The document concludes with a clear signal to Moscow. The G7 stated it is prepared to "increase pressure on Russia should peace negotiations fail"—and the issue of frozen assets could become one of the key levers of such pressure.
It is also worth recalling that the EU has cut its loan plan for Ukraine to $105 billion, according to the WSJ.