G7 to keep Russian assets frozen until reparation to Ukraine paid

The next step by the G7 is to “further reduce Russia’s energy revenues,” such as imposing the oil price cap, and taking “further enforcement actions” to respond to alleged oil price cap violations. US Secretary of State Antony Blinken, and Ukraine Foreign Minister Dmytro Kuleba at a bilateral meeting on the sidelines of the G7 Foreign Ministers meeting in Italy, April 18, 2024. (AP) In a statement after meeting on April 17-18 on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington, DC, the G7 finance ministers and central bank governors stated their determination to keep Russia’s assets frozen until it pays Ukraine war reparations. “We reaffirm our determination to ensure that Russia pays for the damage it has caused to Ukraine. Russia’s sovereign assets in our jurisdictions will remain immobilized until then, consistent with our respective legal systems,” the G7 officials said. The European Union’s proposals to direct windfall profits from Russia’s frozen assets for Ukraine has been welcomed by the G7, in addition to initiatives by the UK and the US to stop the trade of new Russian metals on their global metal exchanges. “We will continue working on all possible avenues by...