russia’s assets will remain frozen until it pays for damage it caused to Ukraine – G7

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The G7 Finance Ministers and Central Bank Governors, joined by the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organization for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB) said that they will continue their efforts to ensure that russia pays for the long-term reconstruction of Ukraine.

“We welcome the initial effort by the russian Elites, Proxies, and Oligarchs (REPO) Task Force to account for russia’s sovereign assets immobilized and held in REPO member jurisdictions which is at this stage estimated at around USD 280 billion and expect the REPO Task Force to refine this initial effort over the coming months.

We recall and reaffirm our Leaders’ Statement that, consistent with our respective legal systems, russia’s sovereign assets in our jurisdictions will remain immobilized until russia pays for the damage it has caused to Ukraine,” the statement reads.

According to the statement, G7 and others reiterate their unwavering resolve to impose and enforce sanctions and other economic measures to further undermine russia’s capacity to wage its illegal, unjustifiable and unprovoked war of aggression.

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