WASHINGTON: The EU will urge G7 partners to consider tapping immobilised Russian assets in aiding Ukraine, the bloc’s economy commissioner said on Wednesday, as finance ministers of the group convene in Washington.

Also on the Group of Seven ministers’ agenda are discussions on China’s recently announced curbs on rare earths, commissioner Valdis Dombrovskis said.

European allies have been working on a plan to provide loans to Ukraine without an outright seizure of Russian assets that have been immobilized after Moscow’s invasion of Ukraine in 2022.

“UK and Canada have already indicated willingness to work alongside with the EU’s reparation loan model,” Dombrovskis said. “So, we’re also awaiting more concrete responses from (the) US and Japan,” he added on the sidelines of the International Monetary Fund and World Bank’s fall meetings in Washington this week.

He stressed that G7 leaders earlier agreed at the finance ministers level to “work in a coordinated way.” Dombrovskis said he intends to outline the EU’s plans when G7 finance leaders gather, while encouraging partners to see what they can do with frozen assets in their territories. The leaders will also discuss work on further sanctions.

Under the European Union’s plan, the EU would borrow funds from international deposit organization Euroclear in Belgium that have matured into cash, and the money would in turn be loaned to Ukraine.

Published in Dawn, October 16th, 2025