G7 to back EU line on frozen Russian assets, Italian official says

By Thomson Reuters May 16, 2024 | 1:15 PM

ROME (Reuters) – Finance ministers from the Group of Seven (G7) major democracies meeting in Italy next week will back a European Union plan to use the profits from frozen Russian assets to help Ukraine’s war effort, an Italian Treasury official said on Thursday.

Italy, which holds the rotating presidency of the G7, will also try to revive an international deal on how to share taxing rights on large corporations which the United States is struggling to ratify in Congress, the official added.

The G7 froze around $300 billion worth of financial assets soon after Moscow’s attack on its neighbour in February, 2022. Since then, the European Union and other G7 countries have debated whether and how to use the funds to help Ukraine.

The G7 comprises the United States, Japan, Germany, France, Britain, Italy and Canada.

(Reporting by Giuseppe Fonte and Gavin Jones)