LONDON, May 25. /TASS/. G7 countries are making progress in talks focused on ways of using the future income from frozen Russian assets, Reuters said citing a draft statement by finance chiefs from the Group of Seven states.

"We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," according to the draft statement seen by the agency.

"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," the statement reads.

The statement will not undergo significant changes before a final version to be released following the meeting of G7 finance ministers and central bankers in the northern Italian town of Stresa, Reuters said.

The EU, Canada, the US and Japan have frozen Russian assets in a total amount of around $300 bln. Roughly $5-6 bln of the assets are in the US, while the bulk of the funds are held by European depositories, particularly by the Belgium-based Euroclear international platform.