The Group of Seven (G7) countries have confirmed that Russian sovereign assets held in their jurisdictions will remain frozen until Moscow halts its war against Ukraine and takes responsibility for the destruction by compensating Kyiv. This commitment was part of a joint statement issued following the G7 finance ministers’ summit, with the full declaration released under Canada's 2025 presidency.

According to the statement, the freeze on Russia’s sovereign assets will remain in place “consistent with our respective legal systems,” and will not be lifted until Russia ends its aggression and pays for the damage inflicted on Ukraine. The document reiterated the G7’s firm position on supporting Ukraine and condemned Russia’s ongoing invasion, which has caused widespread devastation.

“We condemn Russia's continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy,” the statement read. The G7 emphasized that Ukraine has suffered severe destruction since the start of the full-scale invasion in 2022. In light of this, the group reaffirmed its steadfast support for Ukraine’s sovereignty, territorial integrity, and right to exist as an independent state, framing these principles as essential for a “just and durable peace.”

The G7 also acknowledged efforts underway to reach a ceasefire, welcoming ongoing initiatives toward that goal. However, the statement made clear that if a ceasefire is not achieved, the G7 remains prepared to intensify pressure on Russia. This could involve further tightening sanctions, among other options being explored.

Another major focus of the G7’s pledge was Ukraine’s recovery and reconstruction. The group recognized the substantial financial burden the country faces in the coming years, with the World Bank estimating reconstruction costs at $524 billion over the next decade. In response, the G7 committed to boosting investor confidence through bilateral and multilateral efforts and promised to continue coordinating support for Ukraine’s rebuilding efforts.

These efforts will include the Ukraine Recovery Conference scheduled to take place in Rome on July 10–11, 2025. The G7 countries further agreed that nations or entities which have financed or supplied Russia’s war efforts would be excluded from any economic benefits arising from Ukraine’s reconstruction. This measure aims to prevent those who supported the invasion from profiting from the postwar rebuilding process.

The G7 - which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union also participating - has played a leading role in backing Ukraine since the beginning of the conflict. Among the support mechanisms mentioned was the Extraordinary Revenue Acceleration program, designed to provide Ukraine with $50 billion in loans by leveraging the immobilized Russian assets.

In a related development, the White House confirmed that U.S. President Donald Trump will attend the upcoming G7 summit, scheduled to take place in Canada from June 15 to 17.