G7 finance ministers to back EU plan to use frozen Russian assets for Ukraine

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.