G7 finance ministers cited 'progress' in finding ways to use profits from frozen Russian assets to help Ukraine as they wrapped up a meeting Saturday, envisioning a concrete proposal to present to a leaders' summit next month.
Governor of the Bank of Italy Fabio Panetta , Italy's Minister of Economy and Finance Giancarlo Giorgetti and Great Britain's Director General, International Finance Lindsey Whyte pose on the sidelines of the G7 Finance Ministers meeting in Stresa on May 24, 2024STRESA, Italy — G7 finance ministers cited "progress" in finding ways to use profits from frozen Russian assets to help Ukraine as they wrapped up a meeting Saturday, envisioning a concrete proposal to present to a...
"Progress has been made," Giorgetti said, cautioning however that an agreed proposal "is clearly not yet finalised because it has significant technical and legal issues". The G7 is "ready to impose sanctions on individuals and entities that help Russia acquire advanced materials, technology, and equipment for its military industrial base," added the statement.
A debated US proposal would tap the interest generated by the 300 billion euros of Russian central bank assets frozen by the G7 and EU, creating a $50-billion loan facility backed by future interest on the assets. On Friday, France's Finance Minister Bruno Le Maire downplayed what was reached as a "political agreement in principle, not a turnkey solution".
The G7 will "continue to monitor the potential negative impacts of overcapacity" and "consider taking steps to ensure a level playing field", it said.
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