G7 countries talk about how to transfer Russian assets to Ukraine

The Group of Seven Nations is debating possibilities for transferring Ukraine’s frozen Russian assets.

According to a person with knowledge of the conversation, “The Group of Seven is discussing ways to transfer to Ukraine the Russian assets seized following the invasion by Moscow, with legal complications and domestic restrictions making it difficult to do the transfers.”

One strategy discussed at the conference was to target the proceeds from the sale of these assets to get around some of the legal restrictions.

It is specifically underlined that the US declaration that it has for the first time authorized the transfer of confiscated Russian assets to Ukraine, following which some progress has been made in the process, is the main reason.

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

It is also mentioned that the joint REPO task group, which consists of European commissioners and ministers of finance, justice, trade, and home affairs, has already frozen or banned Russian assets worth more than $58 billion. Australia, the EU, and the G7 nations are all part of REPO.

The conference of central bankers and finance ministers concludes on Saturday, but the G7 leaders’ summit in Hiroshima the following week is anticipated to focus heavily on the sanctions against Russia.