G-7 countries will “increase efforts” to use frozen Russian assets for Ukraine

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June 4 () –

The White House announced this Tuesday that President Joe Biden, along with the rest of the G-7 countries, will “promote efforts” during the next summit, scheduled for June 13 and 14 in Italy, to make use of the assets Russians frozen in favor of Ukraine.

“The leaders will advance efforts to use Russia’s tied up sovereign assets to assist Ukraine, as well as actions to continue imposing costs on Russia and those who support Russia’s war effort,” the White House said in a statement.

As highlighted by the US Administration, the G-7 will address its “unwavering support” for Ukraine in the face of the Russian invasion, unleashed at the end of February 2022, as well as another series of “pressing” issues at the international level, such as support for developing countries, strengthening food security and health financing.

The United States has been pressing for months to unlock the approximately 260 billion euros in funds from the Central Bank of Russia, most of which are frozen in Europe, an issue that Washington has acknowledged that it hopes to resolve at the G7 meeting in Italy.

Due to legal concerns and fear of retaliatory measures by Russia, several countries are showing restraint when it comes to the use of Russian assets, such as the European Union, which has so far only was able to agree on the transfer of interest income from frozen Russian assets to Ukraine.