G7 Immobilise $280 Russian Bln 

by Meifan Honcharuk
Tuesday, October 17, 2023
G7 Immobilise $280 Russian Bln 

Financial institutions of the countries will keep the RF assets frozen until it compensate Ukrainian losses caused by the war

Finance ministers and heads of central banks of G7 countries signed a joint application and pledged to keep Russian assets frozen till the Kremlin pays the total amount of reparations to Ukraine. The amount of already sanctioned assets of Russian oligarchs in G7 is a minimum of $280 billion and is still being specified.

G7 will also continue to work to reduce Russia's ability to wage "illegal, unjustified and unprovoked aggressive war" (according to the statement). To this end, countries will continue to develop and apply economic measures and monitor the impossibility of circumventing the imposed sanctions.

"Russia's assets in our jurisdictions will remain immobilised until Russia pays for the damage it has caused to Ukraine," the G7 stressed.

According to the report of the Ministry of infrastructure of Ukraine, the Russian Federation destroyed in Ukraine during the war houses worth more than $50 million. What damage was caused to land, infrastructure and other objects, and how much is needed to restore and demine territories is still difficult to calculate. 

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