Cameron to push for G7 agreement on using Russian assets to help Ukraine

Lord David Cameron is to push G7 partners to use frozen Russian assets to support Ukraine at the foreign ministers’ meeting in Italy.

The Foreign Secretary, who is travelling to Capri on Wednesday for the gathering, will call on his G7 counterparts to work together to agree on how to use the 300 billion dollars (£220 billion) of Russian assets collectively sanctioned since Vladmir Putin ordered the full-scale invasion of Ukraine.

He will urge countries in the G7 group of advanced economies to ramp up support for the war-ravaged nation and maintain pressure on the Russian president.

“It is vital that we agree a way forward to use sanctioned Russian assets to support Ukraine and ensure Russia pays for the destruction it has wreaked.”

The Conservative frontbencher on Tuesday expressed confidence that there was “an answer” on using Russian assets around which G7 countries “can coalesce”.

“I think there is an emerging consensus that the interest on those assets can be used to support much larger financial support for Ukraine,” he told Parliament.

“If we can get that done we really will be able to provide real financial firepower to Ukraine based on those assets rather than delivering the assets directly.”

At the G7 foreign ministers’ gathering, Lord Cameron will also join counterparts in urging Israel to show restraint in its response to Iran’s weekend drone and missile attack.

The Cabinet minister, who has just travelled to Israel for talks with its leaders, will campaign for co-ordinated sanctions against Iran, according to the Foreign Office.

Meetings will also cover the G7’s collective response to a more assertive China, reform of financial systems and irregular migration.