Meeting of the G7 financial bloc: Sergii Marchenko urges to accelerate the development of mechanisms to transfer russian assets to Ukraine's needs

Minister of Finance of Ukraine Sergii Marchenko gave a speech at the meeting of the G7 financial bloc during the working visit to Washington, D.C., for the Spring Meetings of the IMF and the World Bank.

The event was attended by finance ministers and central bank governors of the G7 member states, as well as the management of the IMF, the World Bank and the European Commission. 

The topics of discussion were budgetary needs and mechanisms for using the frozen assets of the russian federation in favor of Ukraine.

The Minister of Finance emphasized the efforts of the G7 countries, the EU and the IFIs which were crucial for maintaining economic and financial stability in Ukraine since the beginning of the full-scale war.

In addition, Sergii Marchenko emphasized the measures taken by the Ministry of Finance to increase domestic State Budget revenues, which resulted in a reduction of the need for external financing.

"Ukraine's economy has adapted to the full-scale war and continues to maintain financial stability. The Government is demonstrating its effectiveness. In the first quarter, budget revenues increased by 62% compared to the first quarter of 2023. This is 13% more than the plan. In the first three months of 2024, the Ministry of Finance has raised USD 3.1 billion to finance the budget deficit through domestic borrowing," the Minister of Finance said.

However, as noted, all these measures have a limited effect. The financial needs of Ukraine in the conditions of war are significant and international support continues to be vital.

"It is important to find mechanisms to provide Ukraine with the necessary funds right now. That is why we need to accelerate the development of procedures for using russian assets for the needs of Ukraine. Ukraine needs these funds to win the war in the nearest future," said Sergii Marchenko in his speech. 

Following the meeting, the G7 finance ministers and central bank governors issued a joint statement in which they assured that they would continue to seek mechanisms to ensure that russia pays for the damage it has caused to Ukraine. Financial leaders will continue working on all possible avenues by which immobilized russian sovereign assets could be made use of to support Ukraine, consistent with international law.