At the conclusion of the G7 Finance Ministers and Central Bank Governors meeting held from 20 to 22 May 2025 in Banff, Canada, member states issued a joint communiqué declaring that Russia will not regain access to its frozen sovereign assets until it ends its war against Ukraine and pays full compensation for the damages caused.

The G7 condemned Russia’s ongoing aggression, referred to as “continued brutal war against Ukraine,” and reaffirmed their “unwavering” support for Ukraine’s territorial integrity, sovereignty, and independence. They emphasized continued backing for Ukraine in defending itself and rebuilding after extensive destruction.

The ministers also welcomed ongoing efforts to reach a ceasefire and warned that “if such a ceasefire is not agreed, we will continue to explore all possible options,” including increasing economic pressure through additional sanctions, “including options to maximize pressure such as further ramping up sanctions.”

“We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine,” the G7 communiqué reads.

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$524 billion recovery cost projected, G7 backs Ukraine rebuilding

Referring to World Bank data, the G7 acknowledged that Ukraine’s recovery and reconstruction could cost an estimated $524 billion over the next decade. The group stressed that mobilization of private sector capital would play a central role in rebuilding efforts.

To support investor confidence, the communiqué highlighted the ongoing use of the MIGA SURE (Support for Ukraine’s Reconstruction and Economy) trust fund and the planned Ukraine Recovery Conference set for 10–11 July 2025 in Rome. The G7 pledged to work with Ukraine, international financial institutions, and the insurance industry to remove existing investment restrictions and accelerate recovery efforts.

No profits from war: G7 bars Russia’s partners from Ukraine’s recovery

The G7 also stated that entities from countries that have financed or supplied Russia’s war machine will be excluded from profiting from Ukraine’s reconstruction. 

“Further, we agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine’s reconstruction,” the document reads.