The G7 countries have frozen $280 billion in Russian assets and pledged to keep them frozen until it compensates Ukraine for damages caused by a full-scale invasion.

This is stated in a joint statement by G7 finance ministers and central bank governors.

“We remind and confirm the statement of our leaders that, in accordance with our legal systems, the sovereign assets of the Russian Federation in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine,” the G7 representatives said.

Also, the G7 countries will continue to impose sanctions against Russia, so that the aggressor country does not have the ability to wage war. The G7 will continue to monitor cross-border transactions between Russia and other countries, as well as monitor price restrictions on Russian crude oil and oil products.