In July 2023, the United States proposed seizing $30 billion worth of Russian assets from the Group of Seven (G7) countries as a measure to weaken Russia’s capabilities in the ongoing conflict with Ukraine.
The frozen assets of the G7 countries include bonds, cash, and other financial assets. The successful freezing of these $7 billion Russian assets has raised questions about their current status and the owners.
Discussions are underway regarding how the G7 and the United States will handle the frozen Russian assets. As of 2024, approximately $400 million of these funds are held by the United States, with the majority (over $20 billion) held by the G7 and European financial institutions.
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The current focus of the discussions is the potential use of frozen assets to aid in the post-conflict reconstruction of Ukraine. Ukrainian President Zelensky supports this proposal, while countries like Germany, France, Italy, and the European Union are more cautious, emphasizing the need for a thorough assessment.
