Frozen property of Russians to be discussed at G7 summit in Hiroshima

The participants of the Group of Seven (G7) summit, which will be held May 19-21 in the Japanese city of Hiroshima, are preparing to discuss the fate of the property of Russian citizens frozen abroad. It is proposed to use their property to restore the economy of Ukraine, but this kind of confiscation is hindered by the legislation on the inviolability of private property, the Japanese newspaper Sankei said, reported from TASS.

In March, the US Treasury announced that Washington and its allies had frozen over $58 billion in assets of Russian citizens over the past year. It includes deposits in banks, real estate, yachts, aircraft and other property. This issue is being dealt with by the international task force the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, a multilateral effort that has used information sharing and coordination to isolate and exert unprecedented pressure on sanctioned Russian individuals and entities. It includes the ministers of finance and justice of the United States, representatives of Australia, Great Britain, Germany, Italy, Canada, France, Japan, and the European Commission.

The Ukrainian authorities demand that the frozen assets be used to help them. According to the World Bank, the recovery of the country's economy will require about $411 billion over 10 years.

According to the newspaper, "there are legal difficulties in the way of implementing such an idea, since the confiscation of private property by governments would mean a violent change in property rights." Until now, Sankei says, no common decisions have been made within the G7 on this matter.

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