G7: Russia must pay Ukraine $486 billion for damages

Following the summit in Italy, the G7 countries announced that Russia must pay Ukraine $486 billion in damages. The amount is based on a February count from the World Bank.

The countries agreed that Russian assets in these countries would remain frozen until Moscow ceases its aggression against Ukraine and pays for the damage caused.

“We continue to condemn in the strongest terms Russia’s flagrant violation of international law, including the UN Charter, and the fundamental principles underlying the international order,” the communiqué said.

The G7 countries also condemned Russia's "irresponsible and threatening nuclear rhetoric."

The G7 includes France, Germany, Italy, Japan, Great Britain, the USA and Canada. The first three are part of the European Union, which in May approved the use of proceeds from frozen Russian assets to help Ukraine.

The G7 countries also previously announced that they would provide Kyiv with $50 billion in loans by the end of the year, which they plan to repay from proceeds from Russian frozen assets.

About $300 billion of Russian assets are frozen in Western countries.

Radio Liberty news release: