G7 plans to keep Russian assets frozen after war – media

The Group of Seven countries plan to keep the frozen Russian assets even after the end of the war in Ukraine.

Japanese publication Nikkei, citing several sources in the G7, including senior EU officials, reports that G7 leaders will issue a statement on the issue this month. It will state that the Russian Federation's sovereign assets will be frozen until it pays for the damage caused to Ukraine.

"We … reaffirm that Russia's sovereign assets in our jurisdictions will remain immobilised until Russia ends its aggression and pays for the damage it has caused to Ukraine," reads the leaders’ draft statement prepared by this year's chair, Italy. 

The draft states that the bloc will guarantee a US$50 billion loan for Kyiv.

The EU approved its contribution of up to €35 billion to the G7 loan on 9 October but failed to overcome Hungary's opposition to a safeguard against the unexpected unfreezing of Russian assets.

Recent media reports state that the United States is ready to provide Ukraine with a loan of up to US$20 billion as part of the G7 loan.

The UK will provide almost US$3 billion as part of a joint G7 loan to Ukraine.