G7 on Russian assets: They'll remain frozen until Moscow ends war and compensates Ukraine

The G7 has stated that Russia's sovereign assets will remain frozen until Moscow ceases its aggression against Ukraine and compensates for the damage it has caused.

Source: joint statement adopted following the G7 finance ministers summit

Quote from statement: "We reaffirm that, consistent with our respective legal systems, Russia's sovereign assets in our jurisdictions will remain immobilised until Russia ends its aggression and pays for the damage it has caused to Ukraine."

Details: Overall, the document includes three paragraphs dedicated to supporting Ukraine.

In particular, the statement once again condemns Russia's war against Ukraine.

Quote: "We condemn Russia's continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy. Ukraine has suffered significant destruction. 

The G7 remains committed to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence toward a just and durable peace."

Details: In addition, the G7 finance ministers welcomed "ongoing efforts to achieve a ceasefire".

Quote: "We welcome ongoing efforts to achieve a ceasefire. If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximise pressure such as further ramping up sanctions."

"We will continue to coordinate support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference, which will take place in Rome on 10-11 July 2025. 

Further, we agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine's reconstruction."

Background: White House Press Secretary Karoline Leavitt stated at a briefing on 22 May that US President Donald Trump will participate in the Group of Seven summit, which will take place this year in Canada from 15 to 17 June.

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