G7 finance ministers cited "progress" in finding ways to use profits from frozen Russian assets to help Ukraine as they wrapped up a meeting Saturday, envisioning a concrete proposal to present to a leaders' summit next month.
A search for creative yet legally sound solutions was top of the agenda at the two-day Group of Seven meeting in Stresa, northern Italy, as Kyiv continues its urgent appeals for more funds from Western allies in its third year of war with Russia.
"We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilised Russian sovereign assets to the benefit of Ukraine, consistent with international law and our respective legal systems," the ministers said in a final statement.
They hope to present a proposal that is "defined in all its dimensions" to G7 leaders ahead of a summit in Puglia, southern Italy, on June 13-15, Italian Finance Minister Giancarlo Giorgetti said during a press conference Saturday following the summit.
"Progress has been made," Giorgetti said, cautioning however that an agreed proposal "is clearly not yet finalised because it has significant technical and legal issues".
"We do not deny the difficulties but there is a firm determination to arrive at a solution," he added.
G7 finance ministers reiterated in their final statement that Russian assets frozen by the Group of Seven nations "will remain immobilised until Russia pays for the damage it has caused to Ukraine".
But they went further, saying they were "committed to further financial and economic sanctions... including continuing to target Russia’s energy revenue and future extractive capabilities".
The G7 is "ready to impose sanctions on individuals and entities that help Russia acquire advanced materials, technology, and equipment for its military industrial base," added the statement.
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