G7 Summit: Russia must pay $486B for damage it caused to Ukraine
According to Ukrinform, this is said in the final communiqué of the G7 summit.
“Russia must end its illegal war of aggression and pay for the damage it has caused to Ukraine. These damages now exceed USD 486 billion, according to the World Bank. It is not right for Russia to decide if or when it will pay for the damage it has caused in Ukraine. Russia’s obligations under international law to pay for the damage it is causing are clear, and so we are continuing to consider all possible lawful avenues by which Russia is made to meet those obligations,” the document reads.
To this end, the G7 leaders officially agreed to launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, “in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year.”
“We confirm that, consistent with all applicable laws and 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. We will maintain solidarity in our commitment to providing this support to Ukraine,” the communiqué says.
The $50 billion financing will be disbursed through multiple channels that direct the funds to Ukraine’s military, budget, and reconstruction needs. The Multi-agency Donor Coordination Platform for Ukraine will be strengthened “to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb.
The G7 leaders also reaffirmed their commitment to further pressure on Russia to prevent it from using its revenues from energy and other commodities to continue the war. This will include sanctions, other restrictions, and measures to limit the price of Russian oil.
As Ukrinform reported, the two-day G7 summit took place on June 13-14 in Italy, which holds the presidency of the Group of Seven this year. On the sidelines of the summit, President of Ukraine Volodymyr Zelensky held a series of bilateral meetings. In addition, bilateral security agreements were signed with the United States and Japan.
