Russia will not be readmitted to the G7, the group of countries with the most developed economies, as requested by US President Donald Trump, stated German Finance Minister Joerg Kukies.
”The G7’s condemnation of Russia’s aggression is very clear, especially marking three years since Russia’s brutal attack,” Kukies said in an interview with Reuters, adding that Trump’s proposal will not garner the necessary unanimity.
The German minister also stated that the G7 could discuss long-term proposals to use $300 billion from Russia's frozen sovereign assets in Europe for the reconstruction of Ukraine, "but discussions are just beginning."
Sources told Reuters that Moscow could accept, as part of a future peace deal, the use of frozen assets for reconstruction, on the condition that some of the money be spent in regions of Ukraine currently under the control of Russian forces.
Kukies will travel to Cape Town on Tuesday for the G20 meeting of finance ministers. Meanwhile, US Treasury Secretary Scott Bessent will not be present due to scheduling oversights.
The current state of the global economy will be a central topic at the G20 meetings, involving industrialized and emerging countries.
”We really need to get back on the path of economic growth. Germany has a lot to do,” the minister added.
A trade war between the US and the EU can be avoided, as both parties are willing to negotiate, Kukies assessed. ”No one is interested in triggering a trade war,” he continued.
The European Union, consisting of 27 member states, could be severely impacted if Trump follows through on his plan to increase import tariffs to match those of other countries.
The German minister, however, stated that the surplus recorded by the EU in goods exported to the United States was nearly offset by a surplus of US services exported to Europe.
Kukies was appointed Finance Minister by Chancellor Olaf Scholz in November, following the collapse of Scholz's governing coalition, and is expected to hold this position until the formation of a new government after Sunday's elections, won by the conservatives led by Friedrich Merz.