G7 agrees on loan deal to support Ukraine with Russian assets

  13 June 2024    Read: 902
G7 agrees on loan deal to support Ukraine with Russian assets

Leaders of the Group of Seven (G7) major democracies agreed an outline deal on Thursday to provide $50 billion of loans for Ukraine using interest from Russian sovereign assets frozen after Moscow invaded its neighbour in 2022.

The political agreement was the centrepiece of the opening day in southern Italy of the annual summit of G7 leaders, attended for a second successive year by Ukrainian President Volodymyr Zelenskiy.

He said he had signed a 10-year security accord with Japan on the sidelines of the summit and that Japan would provide Ukraine with $4.5 billion this year. Zelenskiy will also sign a new, long-term security accord with U.S. President Joe Biden later in the day.

The G7 plan for Ukraine is based on a multi-year loan using profits from some $300 billion of impounded Russian funds.
The technical details are to be finalised in the coming weeks, a G7 diplomatic source told Reuters. The source, who asked not to be named, said the additional funding would arrive by the end of this year.


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