On Tuesday, the White House announced that the plans to use frozen Russian assets will be unveiled during this week’s G7 summit in Italy, as well as new sanctions and export limits over Moscow’s invasion of Ukraine.
John Kirby, the National Security Council spokesperson, said, “We will announce new steps to unlock the value of the immobilized Russian sovereign assets to benefit Ukraine”.
G7 leaders aim to reach an agreement to use the profits from the interest on 300 billion euros ($325 billion) of frozen Russian central bank assets to support Kyiv.
The plan is to use the profits as collateral for a loan of up to $50 billion, but there is still debate about who would issue the debt, as well as a slew of technical issues, such as what would happen if the assets were unfrozen in the event of peace.
Kirby went on to say, “An impactful set of new sanctions and export control actions will be announced”, but did not provide specifics.
The G7 summit takes place amid the backdrop of global and political turmoil, with increased support for Ukraine at the top of the agenda.
Ukrainian President Volodymyr Zelensky will attend a discussion Thursday on Russia’s war on his country, which is now in its third year, and will again call for further assistance from Western allies.
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