G7 says will try to use frozen Russian assets to help Ukraine

The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbor in February 2022. (REUTERS File Photo)
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Updated 25 May 2024
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G7 says will try to use frozen Russian assets to help Ukraine

STRESA: The G7 will explore ways of using the future income from frozen Russian assets to help Ukraine, finance chiefs from the Group of Seven industrial democracies said on Saturday, according to a draft statement seen by Reuters.
The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbor in February 2022.
“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,” the draft statement said.
The statement will not undergo significant changes before a final version to be released later on Saturday, a G7 source said.


Czech Prime Minister Babiš faces confidence vote as government shifts Ukraine policy

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Czech Prime Minister Babiš faces confidence vote as government shifts Ukraine policy

  • “I’d like to make it clear that the Czech Republic and Czech citizens will be first for our government,” Babiš said
  • Babiš has rejected any financial aid for Ukraine and guarantees for EU loans

PRAGUE: The Czech Republic’s new government led by populist Prime Minister Andrej Babiš was set to face a mandatory confidence vote in Parliament over its agenda aimed at steering the country away from supporting Ukraine and rejecting some key European Union policies.
The debate in the 200-seat lower house of Parliament, where the coalition has a majority of 108 seats, began Tuesday. Every new administration must win the vote to govern.
Babiš, previously prime minister in two governments from 2017-2021, and his ANO, or YES, movement, won big in the country’s October election and formed a majority coalition with two small political groups, the Freedom and Direct Democracy anti-migrant party and the right-wing Motorists for Themselves.
The parties, which share admiration for US President Donald Trump, created a 16-member Cabinet.
“I’d like to make it clear that the Czech Republic and Czech citizens will be first for our government,” Babiš said in his speech in the lower house.
The political comeback by Babiš and his new alliance with two small government newcomers are expected to significantly redefine the nation’s foreign and domestic policies.
Unlike the previous pro-Western government, Babiš has rejected any financial aid for Ukraine and guarantees for EU loans to the country fighting the Russian invasion, joining the ranks of Viktor Orbán of Hungary and Robert Fico of Slovakia.
But his government would not abandon a Czech initiative that managed to acquire some 1.8 million much-needed artillery shells for Ukraine only last year on markets outside the EU on condition the Czechs would only administer it but would not contribute money.
The Freedom party sees no future for the Czechs in the EU and NATO, and wants to expel most of 380,000 Ukrainian refugees in the country.
The Motorists, who are in charge of the environment and foreign ministries, rejected the EU Green Deal and proposed revivals of the coal industry.