The G7 has postponed a decision on the use of frozen Russian assets until June, according to a statement issued by the G7 foreign ministers following their meeting in Capri.
The document notes that the parties will continue to study options “in accordance with our legal systems and international law.” The results of the “study” will be presented at a meeting of G7 leaders in June.
Washington supports the confiscation of Russian assets, while EU countries say this is a violation of international law, insisting that the profits from the assets be used in Ukraine’s favour.
On Thursday, European Commission Executive Vice President Valdis Dombrovskis expressed hope that the European Union, which holds the lion’s share of the frozen assets, would approve in the coming months a separate EU measure to use profits or interest earned from the assets to help Ukraine.
G7 finance officials said on Wednesday they were committed to helping Ukraine meet urgent short-term financial needs, including through interest earned on frozen Russian assets.
Deputy US Treasury Secretary Wally Adeyemo said on Wednesday that the G7 discussion of frozen Russian sovereign assets is “a work in progress.” Adeyemo told an event hosted by Semafor:
We’re talking through a number of different options. One of them is seizure, but another is collateralizing, or even using the windfall profits or the interest from these assets to fund a loan.
