G7 Declares Russian Assets Will Remain Frozen Until Moscow Pays Reparations to Ukraine

Finance ministers and central bank governors of the G7 countries have issued a clear and unified message: Russian sovereign assets currently frozen in their jurisdictions will not be released until Russia halts its war against Ukraine and provides financial compensation for the destruction it has caused.

The Gaze reports on this with reference to the joint statement released after their three-day meeting in Banff, Alberta.

The document reaffirms the group’s legal authority to keep these funds blocked and makes it clear that any eventual unfreezing is conditional on tangible reparations. “We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine,” the communiqué stated.

The G7 also committed to intensifying pressure on Moscow, warning that if efforts to reach a ceasefire fail, further steps, including additional sanctions, will be considered.

Canadian Finance Minister François-Philippe Champagne, who hosted the summit, underlined the symbolic importance of Ukraine’s presence, noting that Finance Minister Serhii Marchenko was the only representative from a non-G7 country invited to the talks.

“Ukraine is fighting for the values we all share. We have a moral responsibility to stand with them,” Champagne said. He added that while details of new sanctions were discussed behind closed doors, the message to Russia remains resolute.

The ministers also agreed to ensure that no actor, whether a nation or a private entity, that has supported Russia’s war effort will be allowed to profit from Ukraine’s post-war reconstruction. This is seen as a safeguard to uphold accountability and fairness during the recovery phase.

Beyond these measures, the G7 pledged to work with Ukraine to restore investor confidence and support rebuilding efforts through both bilateral and multilateral mechanisms.

The final statement comes despite earlier concerns that disagreements, particularly over U.S. hesitations to label Russia’s invasion as “unlawful,” could derail the communiqué. However, the outcome reflects a renewed consensus among the world’s most advanced economies on holding Russia accountable and supporting Ukraine’s sovereignty.

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