G7 countries defer transfer of russian assets to Ukraine until June

The G7 foreign ministers approved a declaration following their meeting in Capri, Italy. The issue of transferring russian assets to Ukraine was postponed until June at the request of the G7 leaders.

The foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the EU's foreign policy chief, strongly condemned russia's aggressive war against Ukraine.

"We reaffirm our unwavering determination to support a democratic Ukraine as it defends its freedom, sovereignty, independence and territorial integrity within its internationally recognized borders," the statement reads.

The ministers expressed their determination to strengthen Ukraine's air defense capabilities to save lives and protect critical infrastructure. "We will also work with partners in this direction. In this context, we appreciate the Immediate Air Defense Action Initiative (IAAD) proposed by Germany," the document says.

The ministers said that russia must pay for the damage and destruction it causes and condemned russia's recent strikes on Ukraine's energy infrastructure.

"We will continue to explore all possible ways to assist Ukraine in obtaining compensation from russia in accordance with our respective legal systems and international law. At the request of the leaders, we will continue our work and make recommendations ahead of the Puglia summit on all possible avenues and options for using russia's immobilized sovereign assets to support Ukraine, in accordance with our respective legal systems and international law," the statement said.

The 50th Group of Seven summit will be held on June 13-15, 2024 in Brindisi, Puglia, Italy.

Source: G7 policy paper