Group of Seven eyes Russian assets to raise funds for Ukraine

A local woman walks in front of an apartment building under reconstruction, which was heavily damaged on the first months of Russia's attack on Ukraine in the town of Trostianets, Sumy region, Ukraine November 1, 2023. REUTERS/Valentyn Ogirenko

BRUSSELS: The Group of Seven (G7) and the European Union (EU) are discussing a plan to use more than US$250bil in frozen Russian central bank assets as collateral to help fund Ukraine’s reconstruction, according to people familiar with the matter.

Under the proposal, Ukraine’s allies could sell debt to contribute to the war-torn country’s rebuilding, using the frozen assets as collateral.