NEW YORK, September 26. /TASS/. During a meeting in New York on helping the Kiev government, US President Joe Biden said Russian assets would remain frozen by the West until Moscow compensates for Ukraine’s damages.

In his speech, Biden recalled the G7 decision to allocate $50 billion to Ukraine using incomes generated by frozen Russian assets

"Russia's sovereign assets will be immobilized until Russia ends its aggression and pays for the damage it has caused," he said.

G7 leaders at a summit in Italy on June 13 reached an agreement to allocate $50 billion to Ukraine from profits from frozen Russian assets until the end of 2024.

The European Union, Canada, the United States and Japan froze Russia's assets in the amount of about $300 billion after the start of the special military operation. Of these, about $5-6 billion are located in the United States, and most of them are in Europe, including on the international Euroclear site in Belgium (where $210 billion is stored).

As Russian Foreign Ministry Spokeswoman Maria Zakharova stated earlier, Moscow will immediately take retaliatory steps to the confiscation of its assets in the West. She called the West's intentions to use proceeds from frozen Russian assets in favor of Ukraine cynical and criminal.