G7 issues statement on possible use of frozen Russian assets
The finance ministers of the G7 countries have stated that they are ready to consider the possibility of confiscating all frozen Russian assets in order to help achieve a just and lasting peace in Ukraine.
Source: statement by G7 ministers following their meeting
Quote: "We will continue to work together to develop a wide range of financing options to support Ukraine, including potentially using the full value of the Russian Sovereign Assets, immobilised in our jurisdictions until reparations are paid for by Russia, to end the war and ensure a just and lasting peace in Ukraine."
Details: The statement added that their actions are aligned with the "respective legal frameworks".
The G7 ministers also said they support the Ukrainian authorities in implementing reforms, particularly in combating corruption and improving the governance of state-owned enterprises.
Quote: "We also stand ready to amplify the pressure on Russia should peace talks fail.
We agreed on the importance of maintaining Ukraine at the top of the G7 agenda under France's upcoming G7 presidency."
Read more: EU is looking for funds for Ukraine: what options can replace the reparations loan?
Background:
- On 3 December, European Commission President Ursula von der Leyen announced two decisions on financing Ukraine in 2026–2027, one of which proposes using proceeds generated from frozen Russian assets in the EU to provide Ukraine with a "reparations loan".
- Even before the new proposal was unveiled, Belgium – where most Russian assets in the EU are held and which fears legal repercussions – declared it unacceptable.
- Meanwhile, other EU countries oppose granting Belgium unlimited guarantees as a condition for unblocking the loan for Ukraine.
- According to media reports, the UK government is prepared to hand over £8 billion (over US$10.6 billion) in frozen Russian assets to support Ukraine.
- Politico reported that Japan had rejected the EU's proposal to join its plan to use frozen Russian assets for Ukraine's benefit.
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