G7 to involve private sectors Ukraine's recovery, Russia's assets to remain frozen until it pays compensation to Ukraine – statement by G7 foreign ministers
Russia must stop its aggression against Ukraine and bear legal responsibility for all its internationally unlawful actions, including compensation for damage caused to Ukraine, the G7 foreign ministers said in a statement following their meeting in Tokyo on Wednesday.
"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. We reiterate our commitment to holding those responsible to account consistent with international law, including by supporting the efforts of international mechanisms, such as the International Criminal Court," the statement says.
Foreign ministers said they are committed to supporting Ukraine's immediate, medium, and long-term recovery. "We are also working to involve our private sectors in the sustainable economic recovery of Ukraine," the statement said.
G7 foreign policy leaders reaffirmed that their "steadfast commitment to supporting Ukraine's fight for its independence, sovereignty, and territorial integrity will never waver" and committed to "standing by Ukraine for as long as it takes, while increasing economic pressure and imposing robust sanctions and other restrictions against Russia."
The foreign ministers also announced their intentions to take further action to prevent the evasion and circumvention of our measures against Russia. "We reiterate our call for third parties to immediately cease providing material support to Russia's aggression, or face severe costs. In order to reduce the revenues that Russian extracts from its exports, we will accelerate our consultation on energy, metals, and all non-industrial diamonds, including those mined, processed or produced in Russia," the document states.
The G7 confirmed the aim to limit Russia's energy revenues and future extractive capabilities, building on the measures we have taken so far. "We continue to reduce our reliance on Russian energy, so that Russia is no longer able to weaponize its energy resources against us. We commit to working with nations around the world to enhance global food and energy security," the statement said.