The G7 countries have frozen $280B in Russian assets, and Estonia and Britain are preparing to use them.

In a joint statement, the G7’s financial bloc pledged to freeze Russia’s assets until it compensates for the losses it’s caused to Ukraine through the war. A working group assigned to quantify frozen Russian assets has identified approximately $280B. The problem with using these assets is that they legally belong to the state, and, unlike private assets, there is no mechanism for their confiscation.

Meanwhile, the Estonian government approved and sent to their parliament an amendment to the Law on International Sanctions to use frozen assets of sanctioned persons in Estonia to compensate for losses from the war in Ukraine. So far, Estonia has frozen €38M in Russian assets.

Also, the British government has asked the Bank of England to consider using Russian assets to finance Ukraine’s military efforts.

According to Reuters, EU leaders will demand “decisive progress” in using frozen Russian money to help Ukraine during a meeting at the end of October.