G7: Russia must pay $486 billion in compensation to Ukraine

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“Russia must pay $486 billion in compensation for damage to Ukraine,” the G7 said in a statement on Friday.

The statement stated: “According to the World Bank, these damages already exceed $486 billion.”

The statement also stated that "Russian assets in the West will remain frozen until the conflict ends and the specified amount is paid to Kiev."

European Commission President Ursula von der Leyen earlier called for the use of proceeds from Russian assets for the benefit of Ukrainian forces.

Deer Line also stated that Ukraine will receive 1.5 billion euros in returns from Russian assets by next July.

The United States is pressuring the G7 countries to provide a $50 billion loan to Ukraine guaranteed by Russian assets frozen in the West, most of which are in Europe.

The Russian Foreign Ministry described the freezing of Russian assets in Europe, amounting to approximately $300 billion, as theft, while Russian Foreign Minister Sergei Lavrov warned that Moscow would not leave the confiscation of its frozen assets in the West without a response.

Russia has repeatedly warned against confiscating its assets or using its revenues, stressing that the measure violates international laws. The European Central Bank also warned that such a measure threatens the reputation of the euro in the long term, and called for farsightedness beyond the conflict in Ukraine.