Leaders of the Group of Seven major democracies reached a preliminary agreement on Thursday to provide $50 billion in loans to Ukraine using income from Russian sovereign assets frozen after Moscow invaded its neighbor in 2022.
The political accord was the focus of the opening day of the annual G7 leaders’ summit in southern Italy, which Ukrainian President Volodymyr Zelenskiy attended for the second year in a row.
He inked a new, long-term security deal with US President Joe Biden after signing a 10-year security agreement with Japan, with Tokyo committing to give Kyiv $4.5 billion this year, highlighting the West’s sustained strong support.
Biden called the frozen asset arrangement a significant outcome and said it was another reminder to (Russian President Vladimir) Putin that we’re not backing down.
The G7 plan for Ukraine is based on a multi-year loan financed by earnings from around $300 billion in impounded Russian funds, the majority of which are outlawed in the European Union.
The technical details will be resolved in the coming weeks, with the fresh funds likely to reach Kyiv by the end of the year owing to contributions from all G7 countries — the United States, Canada, the United Kingdom, France, Germany, Japan, and Italy.
“This is a very clear commitment that should embolden Ukrainians to do what they need to do to defend their independence and sovereignty”, said German Chancellor Olaf Scholz.
The goal of the agreement is to ensure that it can last for years regardless of who is in office in each G7 country, a concession to fears that if Republican presidential nominee Donald Trump defeats Biden in November, he will be considerably less sympathetic to Kyiv.
Russia considers Western attempts to seize income from its frozen assets criminal, foreign ministry spokeswoman Maria Zakharova said on Thursday, adding that Moscow’s retaliation will be extremely painful for the European Union.
According to a person familiar with the talks, the goal of the agreement is to ensure that it can last for years regardless of who is in office in each G7 country, a concession to fears that if Republican presidential nominee Donald Trump defeats Biden in November, he will be considerably less sympathetic to Kyiv.
Russia considers Western attempts to seize income from its frozen assets criminal, foreign ministry spokeswoman Maria Zakharova said on Thursday, adding that Moscow’s retaliation will be extremely painful for the European Union.
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