“We will continue to work together to develop a wide range of financing options to support Ukraine, including potentially using the full value of the Russian Sovereign Assets, immobilized in our jurisdictions until reparations are paid for by Russia,” finance ministers from G7 countries wrote in their joint statement after the meeting.
But in a note of caution they added that “our action will remain consistent with our respective legal frameworks.”
Japanese Finance Minister Satsuki Katayama has ruled out using the Russian assets due to legal concerns, said an EU diplomat who was briefed on the meeting.
However, several officials said Japan’s stance was linked to U.S. opposition to using the Russian assets for Ukraine, arguing Tokyo doesn’t want to flout its crucial ally. Like the EU diplomats, they were allowed to remain anonymous to discuss sensitive matters.
U.S. President Donald Trump has signaled he intends to use the Russian assets to bring President Vladimir Putin to the negotiating table.
Instead of sending the money to Kyiv, Washington has suggested handing part of the assets back to Russia and using the remainder to finance U.S. investments in Ukraine.