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Japan refuses to join European initiative on Russian assets

Tokyo refused to use about $30 billion of Russian assets frozen in Japan as a loan to Ukraine. The finance minister cites legal obstacles, but officials link the decision to the U.S. stance.

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Japan refused to support the EU initiative to use frozen Russian state assets to finance Ukraine. The decision was announced during a meeting of G7 finance ministers on Monday.

Tokyo's position

Japanese authorities said they cannot allocate roughly $30 billion of Russian assets frozen in the country to a loan for Ukraine. Finance Minister Satsuki Katayama said the main obstacle is legal issues. According to several unnamed officials, the real reason for the decision is tied to U.S. opposition to using those funds, and Tokyo does not want to disregard its important ally.

EU and G7 position

Seven EU countries believe that swift adoption of a decision on a "reparations loan" using frozen Russian assets would improve Kyiv's negotiating position on a peace agreement with Moscow.

EU countries are to take on individual guarantees to secure a loan to Ukraine of up to €210 billion; Germany must provide guarantees of up to €52 billion.

The G7 is ready to consider the possibility of confiscating all frozen Russian assets in order to achieve a just peace in Ukraine and end the war

– G7

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