According to Reuters, the Group of Seven (G7) countries are planning to discuss the US initiative to confiscate the proceeds of Russian assets in favor of Ukraine before June summit.

Securing interest from frozen Russian assets, which could be worth about $5 billion annually, is seen as one of the best ways to bridge the differences between the US and Europe before the G7 summit in June in Italy.

However, the G7 members are still arguing over some issues that could reduce the expected profit to $2.5-3.0 billion, including the Belgian convenience fee and the proposed reserve for litigation.

The G7 finance ministers plan to return to this issue at a meeting in late May to develop a consensus proposal to present to leaders before the June summit.

G7 officials have expressed the urgent need to reach an international consensus and secure long-term financing for Ukraine.