Russia won’t get frozen assets back until it pays reparations to Ukraine — G7 statement

The statement was published by the press service of the Canadian G7 presidency.

The document, published on behalf of the finance ministers and central bank heads of the G7 countries following their meeting from May 20-22 in Banff, Canada, also condemns the war unleashed by Russia, supports Ukraine's sovereignty and territorial integrity, and welcomes current efforts to establish a ceasefire.

As stated in the declaration, if a ceasefire is not achieved, the G7 countries will consider "all possible options, including options to maximize pressure such as further ramping up sanctions."

“We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine,” the document emphasizes.

Additionally, the G7 countries committed to “help build investor confidence through bilateral and multilateral initiatives” to support Ukraine’s recovery and reconstruction.

“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,” the statement adds.

• On May 21, Politico reported that the United States does not support including a clause on further support for Ukraine in the Group of Seven's (G7) summer statement.
• On May 22, the finance ministers of the Group of Seven (G7) emphasized that in the absence of a ceasefire, they will continue to exert maximum pressure on Russia and strengthen sanctions.