The G7 will support the EU initiative to use frozen Russian assets to finance the reconstruction of Ukraine

The G7 countries will support the EU proposal at the meeting at the finance ministers meeting in Stresa on May 24-25, Reuters' sources said.

The discussions will concern the use of income from Russian assets, and not the assets themselves, an anonymous official said.

Any decision should have support among EU countries and a "strong legal basis," the source added.

The finance ministers will have to carry out preparatory work that will enable the leaders of the G7 countries to make a final decision at the summit in June, he clarified.

Struggle over Russian assets

The U.S. Senate Foreign Relations Committee approved a bill on Jan. 24 that would allow for the confiscation of Russian assets and their transfer to Ukraine to rebuild its infrastructure.

The U.S., together with the EU, was considering legal authority to direct $300 billion in Russian assets to Ukraine's reconstruction and other needs, U.S. State Secretary Antony Blinken said earlier.

The outlines of decisions necessary to transfer frozen Russian assets to Ukraine are already being prepared, Ukrainian President Volodymyr Zelenskyy said at the time.

Bill No. 8038 on the transfer of frozen Russian assets to Ukraine was passed by the U.S. House of Representatives on April 20. The bill still needs to be approved by the U.S. Senate.

Ukraine could receive nearly eight billion dollars as part of this procedure.

The ambassadors of the EU countries generally agreed on the transfer of revenues from frozen Russian assets to support Ukraine on May 8.

The U.S. intends to use seized Russian assets to finance the reconstruction of Ukraine, Blinken said on May 14 during his visit to Kyiv.