G7 mulling ways to transfer Russia's frozen assets to Ukraine - media

TOKYO. May 12 (Interfax) - The Group of Seven (G7) is discussing ways to transfer Russia's frozen assets to Ukraine, The Japan Times reported with reference to an unidentified source on Friday.

"The Group of Seven is discussing ways of transferring to Ukraine the Russian assets seized [...] with legal complexities and domestic restrictions making it difficult to do the transfers, a source familiar with the discussion said Friday," it said.

The G7 is exploring the possibility of appropriating revenues that could be derived from the seized assets in order to overcome the legal obstacles.

Die Welt reported in mid-April with reference to an unpublished European Commission document that the EU would ultimately have to return the Russian Central Bank reserves frozen in EU territory to Russia. At the same time, EU officials concluded that the reserves could be invested, so that at least the interest yielded by such investments could be donated to Ukraine.

European Commission spokesman Christian Wigand said on Thursday that the European Commission is exploring the possibility of using frozen assets of Russian private persons and entities for the benefit of Ukraine, but the European Union needs to keep within its legal framework.

He said that EU members were discussing frozen Russian assets belonging to the Central Bank. According to Wigand, "the possible use of these assets for Ukraine" is high on the agenda of negotiations with the United States.