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G7 says Russia should pay almost $500 bln to Ukraine in compensation of damage

Russian frozen assets will be used as collateral for issuing loans to Ukraine, according to the statement

ROME, June 14. /TASS/. The Group of Seven said Russia should pay Ukraine for damage, which the World Bank estimates at $486 billion.

"Russia’s obligations under international law to pay for the damage it is causing are clear, and so we are continuing to consider all possible lawful avenues by which Russia is made to meet those obligations," G7 leaders said in a statement as they wrapped up a summit in Italy.

"With a view to supporting Ukraine’s current and future needs in the face of a prolonged defense against Russia, the G7 will launch "Extraordinary Revenue Acceleration Loans for Ukraine" in order to make available approximately $50 billion in additional funding to Ukraine by the end of the year," the statement went on to say.

Russian frozen assets will be used as collateral for issuing loans to Ukraine, according to the statement.

"Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," the G7 said.

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