CHRISTIANSTED, St. Croix, (Reuters) – G7 leaders will discuss a new legal theory that would enable the seizure of $300 billion in frozen Russian assets when they meet in February, two sources familiar with the plans and a British official said yesterday.
U.S. and UK officials have worked in recent months to jumpstart efforts to confiscate Russian assets immobilized in Belgium and other European cities, and hope Group of Seven leaders agree to issue a stronger statement when they meet in late February, around the second anniversary of Moscow’s invasion of Ukraine, the three sources said.
The discussion takes place as U.S. President Joe Biden faces Republican opposition to his request for another $61 billion in aid to Ukraine, with U.S. officials warning of dire consequences for the Ukraine war effort.
The United States, backed by the UK, Japan and Canada, has proposed that G7 working groups develop options for G7 leaders, the sources said, but cautioned against expecting “an actual announcement” about asset seizures at the late February meeting.
The new legal theory would allow asset seizures in “very specific circumstances” involving an aggressor country, one of the sources said.
“The U.S. has been able to develop a legal theory for how Russia could be held accountable that we think will be held up internationally in the courts and will be widely recognized as legitimate,” the source said.
