The G7 freeze russia's assets worth $280 billion

The G7 countries announced in a joint statement by their finance ministers and central bank governors the freezing of $280 billion in russian assets and promised not to release them until russia pays Ukraine for the damage it has suffered as a result of the war.

The statement reads: “We welcome the initial effort by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force to account for Russia’s sovereign assets immobilized and held in REPO member jurisdictions which is at this stage estimated at around USD 280 billion and expect the REPO Task Force to refine this initial effort over the coming months”.

Source: Council of the EU and the European Council