A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations.
Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership.
The proposal must now pass various legal hurdles and be backed by European states, where the majority of frozen Russian assets are held.
Further loans secured against the interest accrued by Russian frozen assets could be forthcoming, U.S. Treasury Secretary Janet Yellen signaled on Thursday.
The annual summit comes as most of the G7 leaders face their own domestic upheavals including national elections and falling approval ratings.
Persons:
Charles Michel, CNBC's Steve Sedgwick, Joe Biden, Volodymyr Zelenskyy, Putin, we're, Biden, Michel, Janet Yellen, Yellen, We're, Russia's, Ursula von der Leyen, Georgia Meloni
Organizations:
U.S, West, . Security, Kyiv, Treasury, Bank, European Commission
Locations:
Ukraine, Moscow, Russia, Russian, Canada, France, Germany, Italy, Japan . U.S, Kuwait, U.S, Borgo Egnazia, Puglia