G7 to announce new steps to use Russian assets for Ukraine's benefit
The G7 decision “benefits Ukraine and eliminates some of the damage,” said John Kirby, coordinator for strategic communications at the White House National Security Council.
According to TASS news agency on June 12, in an online briefing with the press on June 11 (local time), John Kirby, Coordinator for Strategic Communications at the White House National Security Council, said that at the upcoming G7 summit in Italy, the group will take new steps to use Russian assets confiscated by the West for the benefit of Ukraine.
"The G7 meeting this weekend will make it clear that we remain committed to Ukraine. We will take decisions to demonstrate to Russian President Vladimir Putin that time is not on his side, that he cannot outlast us, while we continue to support Kiev. This is the fight for Ukraine's freedom," said John Kirby.
According to Kirby, the countries “will announce steps to release the value of Russian fixed assets for the benefit of Ukraine, to bring benefits to Ukraine and to repair some of the damage.” However, Mr. Kirby did not specify what measures would be announced.
“I’m not going to rush into a discussion about frozen assets. As I said, that’s a topic of discussion,” he added. Kirby said US President Joe Biden would support using Russian assets to “help rebuild Ukraine.”
Asked whether this was a unilateral move by the US or a joint effort by the G7, Mr. Kirby said: "I think you will see unity within the G7 in cooperating to use these frozen assets to help Ukraine rebuild."
Assistant Secretary of State for European and Eurasian Affairs James O'Brien argued on November 8, 2023, that the Western collective will not return to Russia the frozen funds in the amount of about $300 billion until Moscow pays for a special military operation in Ukraine.
The Chairman of the Bank of Russia, Elvira Nabiullina, stressed on the same day that the West's confiscation and freezing of Russian assets would have negative consequences for the overall development of the global financial system.
Russian President Dmitry Peskov’s press secretary clarified that Moscow will respond to these Western moves with indefinite challenges. This will entail very serious judicial and legal costs for those who made such decisions and those who took advantage of them, Peskov explained. The Kremlin spokesman added that Russia will begin to introduce countermeasures that “will hardly be similar to the previous ones.”