G7 nears decision to seize frozen Russian assets for Ukraine - FT

This is reported by the Financial Times.

It is noted that the United States, which had not previously publicly supported the confiscation, told its allies that it had found a way to withdraw funds "consistent with international law."

“G7 members and other specially affected states could seize Russian sovereign assets as a countermeasure to induce Russia to end its aggression,” said a US government discussion paper, seen by the Financial Times, which was circulated in G7 committees.

According to the authors of the document, Russia's invasion of Ukraine means that asset forfeiture can be "a legitimate countermeasure for those states that have been particularly affected by Russia's violation of international law."

A US official said Washington was engaged in active conversations on the use of Russian sovereign assets and believed there was a short timeline to make a decision. They suggested it could be discussed at a possible G7 leaders’ meeting on February 24, 2024 - the second anniversary of Russia’s full-scale invasion of Ukraine.

• A bill to confiscate and transfer Russian assets to Ukraine was registered in the US Senate in mid-June.
• On November 30, the US Senate introduced a bill to confiscate Russian assets.
• The European Commission plans to raise €15 billion from Russia's frozen assets to provide financial assistance to Ukraine.