The White House announced a new package of G7 sanctions against Russia

G7 countries will announce new sanctions and steps to use frozen Russian assets at the summit in Italy, Kirby said. Moscow warned of mirror measures for any actions with its sovereign assets John Kirby

The G7 countries ( UK , CANADA , United States, France , Germany , Italy and Japan ) will announce new sanctions and EXPORT controls against RUSSIA at the summit in Italy from June 13 to 15. White House Strategic Communications Coordinator John Kirby said this at an online briefing, TASS reports .

“We will continue to raise costs for the Russian military machine and this week we will announce an impressive package of new sanctions and export controls,” he said.

Kirby clarified that the restrictions will affect “organizations and networks” that, according to the West, are helping Russia acquire what it needs to conduct a special military operation in Ukraine . “For example, they will make it more difficult for financial intermediaries to support the Russian defense industrial base and further reduce revenues in key sectors,” he explained.

At the same time, the White House representative noted that at the G7 summit new steps will be announced to use Russia’s frozen assets in the interests of Ukraine. Asked whether this was a unilateral U.S. move or a joint G7 effort, Kirby said, “I think you'll see unity in the G7 in terms of working to use these frozen assets to help Ukraine reconstruct.”

After the start of the military operation in Ukraine, the EU and G7 countries blocked about $280 billion (€260 billion) of the assets of the Central Bank of Russia in the form of cash and securities, the US Ministry of Finance calculated . In 2022, the Russian Ministry of Finance estimated this amount at approximately $300 billion. Most of the assets are located in the Belgian Euroclear.

Western countries and Kyiv have repeatedly called for the use of Russian assets to restore Ukraine. As of the end of 2023, the European Commission estimated the damage caused to the country at $486 billion. President of Ukraine Vladimir Zelensky believes that $1 trillion is needed for restoration.

In early June, US Treasury Secretary Janet Yellen announced that the G7 countries were exploring the idea of ​​providing a loan to Ukraine with repayment from income from Russian assets. According to REUTERS sources , we are talking about $50 billion.

Russia condemns Western sanctions . Moscow noted that any measures regarding frozen assets would be perceived as “theft of Russian property.” The Kremlin warned that their confiscation would be “a solid nail in the future coffin” of the Western economy and “the subject of legal proceedings.”