NNA - French Finance Minister Bruno Le Maire on Wednesday publicly challenged U.S. Treasury Secretary Janet Yellen's view that it would be legal to monetize some $300 billion in frozen Russian assets, revealing deep divisions among Group of Seven countries.

Le Maire, speaking after a G7 finance officials meeting, rejected the U.S. position and said France was convinced there was no sufficient basis in international law to proceed, and further work was required.
 

He said any such moves should be fully underpinned by international law and required the support of all members of the Group of 20 major economies, which include Russia, China and other countries that have been critical of the United States.

G7 officials have been struggling for a year to agree on what to do with Russian sovereign assets immobilized after Moscow's invasion of Ukraine in February 2022. G7 leaders have asked for possible solutions by June.

Their debate this week on the sidelines of a meeting of finance ministers from the G20 major global economies in Sao Paulo showed there is still a fair distance to cover.

"It's not necessarily a confrontation. We're continuing discussions behind-the-scenes towards a common purpose, which is to seek measures that align with international law," Japan's vice finance minister for international affairs, Masato Kanda, told reporters after the G7 ministers' meeting.--Reuters 

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