G7 countries agree to unfreeze Russian assets in West only after compensation for damage paid to Ukraine - statement

BRUSSELS. July 12 (Interfax) - The leaders of the Group of Seven (G7) countries said that they will agree to unfreeze Russia's assets only after Moscow pays compensation to Ukraine.

"We reaffirm that, consistent with our respective legal systems, Russia's sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine," the G7 countries said in a statement adopted in Vilnius on Wednesday.

The leaders of the G7 member states have acknowledged "the need for the establishment of an international mechanism for reparation of damages, loss or injury" inflicted on Ukraine.

They expressed their readiness "to explore options for the development of appropriate mechanisms."