G7 vows to block Russian assets until war in Ukraine ends
The G7 countries plan to block Russian assets until the end of the war in Ukraine (Photo:Посольство України в США / Facebook)
G7 countries will continue to block Russian sovereign assets until Russia’s war in Ukraine ends, announced an April 18 G7 Foreign Ministers’ Communiqué, following a meeting in Japan.
“We are determined, consistent with our respective legal systems, that Russia’s sovereign assets in our jurisdictions will remain immobilized until there is a resolution of the conflict that addresses Russia’s violation of Ukraine’s sovereignty and territorial integrity,” the statement says.
“Any resolution to the conflict must ensure Russia pays for the damage it has caused.”
The G7 foreign ministers also stressed they “remain committed to intensifying sanctions against Russia, coordinating and fully enforcing them, including through the Enforcement Coordination Mechanism, and countering Russia’s and third parties’ attempts to evade and undermine our sanctions measures.”
The European Commission concluded it will be legally obliged to return the frozen assets of Russia’s central bank after the war, German newspaper Die Welt reported on April 13.
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