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- G7 Leaders Unite to Fund Ukraine with Frozen Russian Assets
G7 Leaders Unite to Fund Ukraine with Frozen Russian Assets
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The Group of Seven (G7) leaders have agreed to provide Ukraine with a $50 billion loan, which will be repaid through interest and profits from nearly $300 billion in frozen Russian assets held in the West. The loan is intended to support Ukraine's fight against Russia's invasion and rebuild damaged infrastructure. The deal was announced during the G7 summit in Italy, where leaders also signed a 10-year security agreement between Washington and Kyiv, committing the US to provide military aid and training to Ukraine over the next decade.
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I confirm to you that we have reached political agreement to provide additional financial support to Ukraine of approximately $50bn by the end of the year.
The budget deficit is expected to reach $43 billion in 2024, and this will largely be covered by international aid.
The finance ministers are now going through the details – for example, the topic of backstops that are necessary – and [will] clarify this as soon as possible.
All G7 are contributing to this loan. It is the windfall profits from the Russian immobilised assets in Europe that will serve it.
This is a signal that financial aid to Ukraine will cost European taxpayers nothing, since it will be financed by the interest generated by Russian assets.
Good news from the G7: another $50 billion for Ukraine.
The next step will be just to create the technical conditions for implementation in the shortest possible time.
The Russian president has a very obvious plan: he wants to push ahead with his war until everyone else gives up supporting Ukraine. This plan has failed today.
With the G7 states' plan to mobilise $50bn, which will be financed from the windfall profits of the frozen Russian assets, the foundation has been laid for Ukraine to be able to procure everything it needs in the near future, not only in terms of weapons, but also for reconstruction or energy infrastructure.
We must be decisive and creative in our efforts to support Ukraine and end Putin's illegal war at this critical moment.
I'm proud to be heading to the G7 with the strongest government of all.
So Europe will first have to pay for all its madness out of its own wallet.
US Support to Ukraine
- Ukraine Ratifies Minerals Agreement with United States
- US official Vance criticises Russia for its demands in Ukraine ceasefire talks
- Ukraine and United States Sign Minerals Agreement
sources
- 1.The Times of India
- 2.DW News
- 3.The Guardian
- 4.BBC
- 5.Le Monde
- 6.CNA News
- 7.Al Jazeera
- 8.France 24
- 9.The Japan Times
- 10.CTV News
- 11.The New York Times
- 12.Agenzia Nazionale Stampa Associata (ANSA)
perspectives
- 1.US Foreign Policy
- 2.US under Donald Trump
- 3.2024 US Presidential Election
- 4.Russia-Ukraine War
- 5.US-Russia Relations
- 6.US under Joe Biden
- 7.Rare-Earth Elements
- 8.Saudi Foreign Policy
countries
- 1.United Arab Emirates
- 2.Argentina
- 3.Austria
- 4.Belgium
- 5.Brazil
- 6.Canada
- 7.Switzerland
- 8.China
- 9.Germany
- 10.Algeria
- 11.Egypt
- 12.France
organizations
- 1.European Union
- 2.White House
- 3.European Commission
- 4.North Atlantic Treaty Organisation
- 5.Borgo Egnazia
- 6.Hamas
- 7.World Bank
- 8.International Monetary Fund
- 9.Argentin
- 10.Atlantic Council
- 11.Brookings Institution
- 12.Center for Strategic and International Studies
persons
- 1.Volodymyr Zelenskiy
- 2.Joe Biden
- 3.Vladimir Putin
- 4.Donald Trump
- 5.Giorgia Meloni
- 6.Emmanuel Macron
- 7.Jake Sullivan
- 8.Maria Zakharova
- 9.Olaf Scholz
- 10.Rishi Sunak
- 11.Ursula Von Der Leyen
- 12.Justin Trudeau