FRANKFURT, Germany (AP) — Finance officials from the Group of Seven rich democracies said they had moved toward agreement on a U.S. proposal to squeeze more ...
FRANKFURT , Germany — Finance officials from the Group of Seven rich democracies said they had moved toward agreement on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. But the ministers left a final deal to be worked out ahead of a June summit of national leaders.
Host Finance Minister Giancarlo Giorgetti said that “progress has been made so far” but that there were “legal and technical issues that have to be overcome.”“It is not an easy task but we are working on it,” he said at a news conference following the end of the meeting. Citing legal concerns, European officials have balked at outright confiscating the money and handing it to Ukraine as compensation for the destruction caused by Russia.
The ministers also discussed what to do about China’s outsized, state-backed production of green energy technology, which the U.S. considers a threat to the global economy. The U.S. has imposed, semiconductors, solar equipment and medical supplies imported from China. Included is a 100% tariff on Chinese-made EVs, meant to protect the U.S. economy from cheap Chinese imports.
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