G7 finance ministers are expected to agree on Saturday, May 25, on a general plan to use the interest from frozen Russian assets for Ukraine, paving the way for a potential agreement between the leaders next month, UNN reports, citing Euractiv.
Details
The issue of finding additional funds for Ukraine, as indicated, was the main topic of the meeting of the Group of Seven finance ministers in the Italian city of Stresa.
Ukraine's Finance Minister Sergiy Marchenko was reportedly scheduled to attend Saturday's G7 meeting in Stresa in an effort to obtain interest on frozen Russian assets.
"Any detailed agreement will require the approval of G7 leaders who meet next month in Puglia, but observers suggested that a deal ‘in principle’ could be agreed on Saturday," the newspaper writes.
"We need to come to a declaration of principle, which would mean a joint agreement of the Group of Seven countries to use the proceeds of Russian assets to finance Ukraine," French Finance Minister Bruno Le Maire said.
He said that the ministers were seeking "to reach a political agreement in principle, not a turnkey solution.
"We are not going to talk about the amount. I think we need to talk about the method first," Le Maire said.
European Commissioner for Economic Affairs Paolo Gentiloni also expressed cautious optimism, saying that the talks show a "positive convergence" on the concept of using the profits from frozen Russian assets.
While noting that "many details still need to be clarified," Gentiloni said the discussions "could lead to an agreement" at the G7 summit in Puglia on June 13-15.
Italian Finance Minister Giancarlo Giorgetti also said that he and his colleagues are considering "a basis for a decision for the summit in mid-June.
US Treasury Secretary calls for “more ambitious” G7 plans for Russian assets23.05.24, 17:02