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G7 gives Ukraine $50 billion using frozen Russian assets

Politiko 2024-06-12 21:48:27

G7 gives Ukraine $50 billion using frozen Russian assets

G7 leaders have agreed to give Ukraine $50 billion through the use of frozen Russian assets by the end of the year, the French presidency said on Wednesday.

" We have an agreement, " said a presidency official, ahead of a summit to be held tomorrow in Italy and which will focus on supporting Kiev's fight against Russian occupation, writes Le Monde . 

G7 leaders had aimed to agree a deal to use interest earnings on $325 billion of frozen Russian central bank assets to help Kiev, using the earnings as collateral for a loan of up to $50 billion.

US President Joe Biden will meet with Ukrainian President Volodymyr Zelensky on Thursday during the G7 summit in Puglia, Italy. "Initially this was an American initiative" , said the official of the French presidency, adding that theoretically the loan to Ukraine would be repaid with "income from frozen Russian assets".

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