The G7 countries are looking for legal ways to force Russia to compensate Ukraine for at least $486 billion in damages caused by the war.

According to „Ukrinform“, this is what the final communiqué of the G7 summit says.

„Russia must put an end to its illegal war of aggression and compensate Ukraine for the damages caused. According to the World Bank, this damage now exceeds $486 billion. Russia does not have the right to decide whether and when it will pay for the damage caused to Ukraine. Russia's obligations under international law to compensate for the damage it has caused are clear, and we continue to consider all possible legal avenues to compel Russia to meet these obligations," the document says.

To this end, the G7 leaders formally agreed to launch Extraordinary Revenue Acceleration (ERA) loans to Ukraine to provide Ukraine with around $50 billion in additional financing by the end of the year.

„We confirm that, in accordance with all applicable laws and our respective legal frameworks, Russia's sovereign assets will be frozen in our jurisdictions until Russia ceases its aggression and reparations are made to Ukraine. We will maintain our solidarity in our commitment to provide this support to Ukraine," the communiqué said.

The $50 billion in funding will be distributed through several channels to meet Ukraine's military, budgetary and reconstruction needs. The inter-agency Donor Coordination Platform for Ukraine will be strengthened to help coordinate disbursements and ensure that they are aligned with Ukraine's critical needs at a pace that allows for effective absorption by Ukraine.

The G7 leaders also reaffirmed their commitment to keep pressure on Russia to prevent it from using revenues from energy and other commodities to continue the war. This will include sanctions, other restrictions as well as measures to limit the price of Russian oil.

As reported by „Ukrinform“, the G7 summit took place on 13-14 June in Italy, which holds the G7 presidency this year. During the summit, Ukrainian President Volodymyr Zelensky held several bilateral meetings. In addition, bilateral security agreements were signed with the US and Japan.