Finance leaders from the Group of Seven industrial democracies on Wednesday condemned Iran's attack on Israel and pledged to continue work on "all possible avenues" to harness frozen Russian sovereign assets to aid Ukraine.
In a joint statement issued after a meeting, the G7 finance ministers and central bank governors said they would "ensure close coordination of any future measure to diminish Iran's ability to acquire, produce, or transfer weapons to support destabilizing regional activities."
The ministers met on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington and said that they view risks in the global economy as "more balanced" amid recent resilience to multiple shocks, with inflation receding.
"Central Banks remain strongly committed to achieving price stability and will continue to calibrate their policies in a data-dependent manner. Price and financial stability are a pre-requisite for sustainable and balanced growth," the G7 officials said.
But, according to Reuters, the group said there were significant geopolitical risks to the outlook, primarily from Russia's war in Ukraine and conflict in the Middle East, which "could affect trade, supply chains and commodity prices."
The G7 finance officials said they were strongly committed to help Ukraine meet urgent short-term financing needs as it struggles against Russia's invasion, including harnessing extraordinary revenues stemming from frozen Russian assets.
"We reaffirm our determination to ensure that Russia pays for the damage it has caused to Ukraine. Russia’s sovereign assets in our jurisdictions will remain immobilized until then, consistent with our respective legal systems," the G7 officials said.
The statement did not include a specific plan for the assets, but said they would "continue working on all possible avenues by which immobilized Russian sovereign assets could be made use of to support Ukraine" with a view to presenting options to G7 leaders at a June summit in Italy.
G7 Finance Leaders Pledge Cooperation on Iran Sanctions
https://english.aawsat.com/world/4971731-g7-finance-leaders-pledge-cooperation-iran-sanctions
G7 Finance Leaders Pledge Cooperation on Iran Sanctions
G7 Finance Leaders Pledge Cooperation on Iran Sanctions
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