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G7 vows to hold frozen Russian assets until Russia 'pays for damage to Ukraine'

Foreign ministers of the G7 nations vowed to maintain a freeze on Russian assets in the West until the country "pays for the damage it has caused to Ukraine," and renewed their commitment to support the reconstruction of Ukraine.

The foreign ministers of Canada, France, Germany, Italy, Japan, the UK and the US, plus a representative of the European Union, also said after a meeting in Japan also offered Ukraine encouragement in its push to join the EU and promised that its resolve to help the country fight Russia "will never waver."

"We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine," the ministers said.

Last month, European leaders called on the European Council to come up with proposals to help pay for the reconstruction of Ukraine with seized Russian assets. Some $300 billion in such assets have been frozen since last year by Western sanctions, including $200 billion in European Union nations.

The G7 foreign ministers also "recommitted to supporting Ukraine’s immediate, medium, and long-term recovery and reconstruction in the face of Russia’s efforts to inflict immense suffering on the people of Ukraine."

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