Brussels, May 3 (FN Agency) The representatives of the G7 countries say privately that a complete confiscation of Russia’s frozen assets is no longer on the agenda, with the group now exploring alternative measures to extract funds, the Financial Times newspaper reported on Friday. European countries want to stay away from anything that might affect the assets themselves for fear of retaliation, the newspaper said. A number of countries are hoping that the new US aid package for Ukraine will relieve the pressure of having to tap into frozen Russian assets, European officials were cited as saying.
The G7, spearheaded by the United States and the European Union, has been discussing legal ways to confiscate Russian assets since the start of Russia’s military operation in Ukraine in early 2022. Moscow has criticised the efforts to seize its sovereign assets as an act of stealing and a violation of international law. The European Central Bank has warned that a seizure poses reputational risks to the euro in the long term. Last week, US President Joe Biden signed into law a $95 billion foreign aid package containing $61 billion in Ukraine-related funding. The US Department of Defence later announced a $1 billion military aid package for Kiev, including cluster munitions and air defence supplies.