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G7: Italy FM-Must Respond 'In Most Legal Way Possible' On Russia Frozen Assets

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Italian Economy Minister Giancarlo Giorgetti speaking at the meeting of G7 finance ministers and CB govs says that the ministers 'aim to prepare a decision for leaders in June on the use of frozen Russian assets for Ukraine'. Says the G7 needs to respond 'in the most legal way possible to violent illegal actions'. There is seen as little prospect of a concrete agreement being reached with regards to how to use frozen Russian assets to aid Ukraine. 

  • The EU has approved a plan to use several billion euros a year in windfall profits from frozen Russian assets held by Euroclear to support Kyiv, but there is no agreement on the provision of a USD50bn loan to Ukraine using the assets as collateral, which has been talked up by the US. Undersecretary for International Affairs Jay Shambaugh told Reuters that he did not expect technical talks on the loan, "but we think they'll make important progress on the principle,"
  • Giorgetti also says that the G7 'needs common policies in the face of China', and that 'there must be no internal G7 competition in response to China. Earlier, Giorgetti said that, with regards to recent US tariffs on certain Chinese exports,  "The United States has taken very tough decisions and Europe will probably have to consider whether to do the same,"
  • UK Chancellor of the Exchequer Jeremy Hunt was not at the traditional G7 'family photo', as he campaigns following PM Rishi Sunak calling a snap general election. 
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Italian Economy Minister Giancarlo Giorgetti speaking at the meeting of G7 finance ministers and CB govs says that the ministers 'aim to prepare a decision for leaders in June on the use of frozen Russian assets for Ukraine'. Says the G7 needs to respond 'in the most legal way possible to violent illegal actions'. There is seen as little prospect of a concrete agreement being reached with regards to how to use frozen Russian assets to aid Ukraine. 

  • The EU has approved a plan to use several billion euros a year in windfall profits from frozen Russian assets held by Euroclear to support Kyiv, but there is no agreement on the provision of a USD50bn loan to Ukraine using the assets as collateral, which has been talked up by the US. Undersecretary for International Affairs Jay Shambaugh told Reuters that he did not expect technical talks on the loan, "but we think they'll make important progress on the principle,"
  • Giorgetti also says that the G7 'needs common policies in the face of China', and that 'there must be no internal G7 competition in response to China. Earlier, Giorgetti said that, with regards to recent US tariffs on certain Chinese exports,  "The United States has taken very tough decisions and Europe will probably have to consider whether to do the same,"
  • UK Chancellor of the Exchequer Jeremy Hunt was not at the traditional G7 'family photo', as he campaigns following PM Rishi Sunak calling a snap general election.