The G7 Finance Ministers and Central Bank Governors declared full financial support for Ukraine, as well as a commitment to keep Russia's assets frozen until it compensates for the damage to Ukraine as a result of an "illegal, unjustifiable and unprovoked war of aggression," the European Council website reported on Thursday evening.

"Russia's sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine," the report notes.

It is also noted that the Russian Elites, Proxies and Oligarchs (REPO) Task Force to account for Russia’s sovereign assets immobilized and held in REPO member jurisdictions has estimated the value of such assets at approximately $280 billion.

"We reiterate our unwavering resolve to impose and enforce sanctions and other economic measures to further undermine Russia's capacity to wage its illegal, unjustifiable and unprovoked war of aggression. We remain committed to countering any attempts to evade and undermine our sanction measures," the report notes.

"We will continue to strengthen coordination in monitoring cross-border transactions between Russia and other countries, take further action directed at the Russian financial sector as necessary, and closely monitor the effectiveness of the price caps on Russian crude oil and petroleum products to ensure the measure delivers on its objectives, and take any necessary and appropriate enforcement actions required," the report notes.

In addition, the ministers noted unwavering support for Ukraine as long as it is needed.

"We remain strongly committed to supporting Ukraine’s urgent short-term financing needs... Building on the successful completion of the first review of the IMF program for Ukraine, and looking ahead to the second review, we will continue our joint efforts to help address Ukraine's 2024 financing needs," the report notes.

At the same time, the ministers focused on continuing the implementation of structural reforms by Ukraine and further fulfilling the requirements of the IMF program.

"We will continue to support Ukraine's repair of its critical infrastructure, recovery and reconstruction," the report notes.

The statement noted that countries would explore how any emergency revenues owned by private enterprises, received directly from immobilized Russian sovereign assets, can be used to support Ukraine and its recovery and reconstruction in accordance with applicable laws.