The moon covers the sun during a total solar eclipse, as Canadian and Quebec flags fly, as seen from Bishop's University in Sherbrooke, Quebec, Monday, April 8, 2024 (AP)

Canada will once again renew its plea to the Group of Seven (G7) nations to utilize the frozen Russian assets to aid Ukraine's recovery and reconstruction, as stated by the Office of Finance Minister Chrystia Freeland on Thursday.

Between May 23 and 25, the G7 will hold a meeting of Finance Ministers and Central Bank Governors in Stresa, Italy.

"At the G7, Canada will continue to call for making full use of frozen Russian Central Bank assets to pay for Ukraine’s recovery and reconstruction," a statement said.

The statement affirmed Canada's ongoing support for initiatives to deploy Russian assets in aid of Ukraine. It mentioned that Russia, being identified as "the aggressor," should bear responsibility for the damages incurred during the conflict.

This week, from May 23 to 25, the Deputy Prime Minister and Minister of Finance Chrystia Freeland will attend the meeting of @G7 Finance Ministers and Central Bank Governors in Stresa, Italy.
Details: https://t.co/gjEZMSNnvy pic.twitter.com/ofeAfsp1wn
— Finance Canada (@FinanceCanada) May 23, 2024

Approximately $300 billion of Russian central bank assets are currently frozen in Western accounts. The Kremlin has consistently argued that confiscating these assets would constitute theft and a breach of international law.

Bloomberg reported on Tuesday that the EU agreed on a plan to utilize the income from blocked Russian sovereign assets to boost Ukraine's rehabilitation and military spending.

Czech Foreign Minister Jan Lipavsky posted on the social networking site X that this decision will supply Ukraine with up to €3 billion ($3.3 billion) this year, with the military receiving 90% of the funds.

According to EU plans, Ukraine will get net earnings starting on February 15. According to Euroclear's first quarter financial figures, about €159 billion in frozen Russian assets made a net profit of €557 million since that date.

We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine.
Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages.
— Jan Lipavský (@JanLipavsky) May 21, 2024

Profits earned before February 15 will be held by Euroclear to cover any risks arising from legal action in Russia. The EU proposal also contains a provision that allows the clearing house to keep more cash if its current resources are insufficient to meet any sudden and unforeseen concerns.