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G7 does not rule out seizing Russian assets, not only revenues from them — Cameron

The UK foreign secretary noted that this week the G7 finance ministers will primarily discuss the use of revenues generated by Russian assets

LONDON, May 21. /TASS/. The Group of Seven (G7) countries do not rule out the possibility of confiscating frozen Russian assets for Ukraine in the future, in addition to the proposal currently under discussion to use the proceeds from their reinvestment, UK Foreign Secretary David Cameron said in the House of Lords.

"I think it’s very important to say that we don’t rule out taking further action on the frozen assets themselves, because we very well may get to a time where Russia is paying or should be paying reparations to Ukraine for the damage that has been done. At that point those underlying assets that we still hold, could be very important," he said.

Cameron noted that this week the G7 finance ministers will primarily discuss the use of revenues generated by Russian assets. According to him, the possibility of confiscation of the assets themselves still causes nervousness in a number of European countries where the bulk of Russian funds were frozen.

In an interview with Sky News TV channel, US Treasury Secretary Janet Yellen confirmed that Washington supported the plan being discussed by the G7, which assumes that revenues from Russian assets will help Ukraine pay off the loan which amounts to $40-50 bln. Meetings dedicated to this topic will be held in Italy at the ministerial level on May 23-25.

US Assistant Secretary of State for European and Eurasian Affairs James O'Brien argued on November 8 last year that the collective West would not return to Russia its frozen assets amounting to around $300 bln until Moscow pays for a special military operation in Ukraine.

In turn, Chairman of the Bank of Russia Elvira Nabiullina emphasized that the confiscation Russian assets by the West would have negative consequences for the overall development of the global financial system. In turn, Russian presidential spokesman Dmitry Peskov clarified that Moscow intends to challenge indefinitely Western steps of this kind. As he explained, this will entail "very serious judicial and legal costs for those who make such decisions and who take advantage of such decisions.".