The economic ministers of the group G7meeting in Stresa, northern Italy, announced this Saturday that progress has been made in using the proceeds of frozen Russian assets to help Ukraine and who are determined to increase sanctions on Russiaaccording to the final document after the summit.
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The finance ministers of France, the United Kingdom, Germany, Canada, Italy, the United States and Japan also announced “that, in accordance with their respective legal systems, Russia’s sovereign assets will remain frozen until Russia pays for the damage it has caused.” to Ukraine”.
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The G7 froze some $300 billion in Russian assets – most of them in Europe – shortly after Moscow invaded its neighbor in February 2022. The United States would have proposed using the benefits of the frozen Russian assets through a loan, but as the Italian Minister of Economy, Giancarlo Giorgetti, announced in the press conference after the G7 meeting, there are still “technical and legal” aspects to address for a final agreement.
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The G7 Economy assured that financial and economic sanctions “are already having a clear impact by restricting Russia’s ability to finance and support its illegal invasion of Ukraine” and reiterated the commitment “to apply further financial and economic sanctions to reduce Russia’s sources of revenue and its ability to wage war against Ukraine, including continuing to target Russia’s energy revenues and future extractive capabilities.”
The text adds that, when appropriate, they are “willing to impose sanctions on people and entities that help Russia to acquire advanced materials, technology and equipment for its military industrial base.”
The document also “strongly condemns the growing military cooperation between North Korea and Russia” and calls on Iran “to stop aiding the Russian military and its war against Ukraine,” while expressing concern “for transfers to Russia from companies around the world, including those in China, of dual-use materials and components for weapons and equipment for military production.”
EFE
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