G7 aims to use frozen Russian assets to help Ukraine

So said the group's finance ministers through a statement May 25th, Reuters reported.

G7 froze Russian assets worth about $300 billion, shortly after Moscow began its neighbor's invasion in February 2022.

“We are making progress in our talks on potential revenues that can be taken from the frozen Russian sovereign assets in order to benefit Ukraine”, the draft statement said.

The final declaration, to be published later on May 25th, could undergo major changes, a source for the Reuters agency said.

The G7 ministers will join the Ukrainian Finance Minister Serhiy Marchenko, whose state is facing a new Russian offensive in the north and east of the state.

Finance ministers and management of central banks meet in Stresa, northern Italy, with the goal of presenting options to the issue of Ukraine's financing before the leaders of G7 governments discuss the issue at the summit, which is held in mid-June.

“Based on our legal systems, the sovereign assets of Russia that are under our jurisdiction will continue to be frozen until Russia pays for the damage it has done to Ukraine”, the statement said.