RT-Engels: 25-05-2024,

Redirecting the money to Kiev still poses a slew of technical and legal problems, Italy says

The G7 has not reached a consensus on how to use the revenue generated by Russian central bank assets frozen abroad to help Ukraine, Italian Economy Minister Giancarlo Giorgetti announced on Saturday.

Italy holds the group’s presidency this year, and hosted this week’s two-day meeting of the G7 finance ministers in the town of Stresa.

At a press conference at the end of the summit, Giorgetti said the group made progress on the Russian assets issue, but “has yet to finalize” the process because it still “presents significant technical and legal problems.”

Speaking to reporters on Friday, he added that the parties were trying to reach a “politically desirable solution” that would be “incontestable from a legal point of view,” and finding it takes time. Giorgetti noted that the final decisions for the move will likely be made at the June G7 leaders’ summit in Puglia.

Following the start of the Ukraine conflict in early 2022, Western countries blocked around $300 billion in assets belonging to Russia’s central bank as part of the sanctions on Moscow. Roughly two-thirds of these funds are held in the EU clearing house Euroclear, and the rest is mostly sitting untapped in other EU nations, with around $5 billion in the US.

Moscow condemns EU ruling on frozen assets

While Washington has been eager to seize the assets outright,

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