G7 Nations Freeze $280 Billion of Russian Assets, Pledge Support for Ukraine
G7 Takes Economic Action: $280 Billion in Russian Assets Frozen, Stands by Ukraine
The statement revealed that the G7’s Nations Freeze Working Group on Russian Elites, Trusted Individuals, and Oligarchs Repurchase Agreement or Repurchasing Option (REPO) has pinpointed the frozen Russian assets, viewing them as a “commencement.”
We commend the initial endeavors of the REPO to account for Russia’s sovereign assets frozen within Repurchase Agreement or Repurchasing Option REPO member states, amounting to an estimated $280 billion. We anticipate further refinement by the Repurchase Agreement or Repurchasing Option REPO Working Group in the ensuing months,” the statement read.
G7 Nations Freeze delegates have reaffirmed their unwavering commitment to thoroughly exploring all available avenues while adhering to their respective national laws and international guidelines in order to provide support to Ukraine. They underscored the persistence of the freeze on Russian assets until Russia fulfills its obligation to compensate Ukraine for the harm it has endured.
On October 12, there were emerging reports indicating a heightened commitment from the United States to facilitate the allocation of a substantial $300 billion from seized Russian assets with the primary objective of providing much-needed assistance to Ukraine. Concurrently, the government of Estonia granted its formal approval for the utilization of Russian assets that had been frozen to serve as a means of compensating Ukraine for the economic losses it had incurred. These significant developments represent a coordinated effort by multiple nations to support Ukraine during a critical juncture.
On October 5th, Secretary of State Antony Blinken declared that the United States and Europe are diligently investigating legal means to access a substantial $300 billion in Russian assets. This substantial fund is earmarked for critical endeavors in Ukraine, with a primary emphasis on reconstruction and meeting essential needs in the country.
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