SAO PAULO: The Group of Seven major powers were split over possibly confiscating Russian assets frozen under sanctions to aid Ukraine at a meeting of their finance ministers and central bank chiefs on Wednesday.

While the participants reaffirmed their commitment to continuing assistance to the eastern European country at the meeting in Sao Paulo, there were divisions over the legal basis of the U.S. proposal of seizing Russian assets.

Bank of Japan Governor UEDA Kazuo and KANDA Masato, Vice Minister of Finance for International Affairs, attended the meeting from Japan.

“Discussions are ongoing at the G-7, so I will refrain from talking about the details, but there is no conflict” over the plan to utilize frozen Russian assets, Kanda told reporters after the meeting.

The United States has called for the confiscation of nearly 300 billion dollars in frozen Russian assets, while European countries have proposed utilizing interest from the assets instead.

French Finance Minister Bruno Le Maire told reporters that there was no legal basis for seizing Russian assets, and further work was required.

“I think they need to be in line with international law,” Kanda said of future steps, but added that “all possible measures are being considered.”

The first-day meeting of finance ministers and central bank chiefs from the Group of 20 advanced and emerging economies was also held in Sao Paulo the same day.

At the G-20 meeting, Kanda slammed the Russian invasion of Ukraine and the terror attack by the Islamic organization Hamas against Israel, but showed concern over the humanitarian situation in Gaza.

Other countries are believed to have expressed criticisms of the Russian invasion as well.

JIJI Press