G7 countries discuss ways of transferring Russian assets to Ukraine

It is reported by The Japan Times.

"The Group of Seven is discussing ways of transferring to Ukraine the Russian assets seized following the invasion by Moscow, with legal complexities and domestic restrictions making it difficult to do the transfers," a source familiar with the discussion said.

According to the publication, one of the approaches discussed during the meeting was to target the profits made from the sale of these assets as a way to circumvent some of the legal obstacles.

In particular, it is noted that the key factor is the US statement that it has authorised the transfer of confiscated Russian assets to Ukraine for the first time, after which some progress has been made in the process.

"While this represents the United States’ first transfer of forfeited Russian funds for the rebuilding of Ukraine … it will not be the last," said US Attorney General Merrick Garland.

It is also added that the joint REPO (the Russian Elites, Proxies, and Oligarchs) task force, which consists of ministers of finance, justice, trade and home affairs, as well as European commissioners, has already frozen or blocked Russian assets worth more than $58 billion. REPO includes the G7 countries, as well as Australia and the EU.

The meeting of finance ministers and central bankers ends on Saturday, but sanctions against Russia are expected to be a key topic of discussion during the G7 leaders' summit in Hiroshima next week.

• On April 23, it was reported that the G7 agriculture ministers expressed concern about the devastating impact on global food security of the war against Ukraine waged by Russia.

• On April 26, the Japanese government said it considers signing a joint document on nuclear disarmament and non-proliferation at the May summit of the G7 countries.