Home Business G7 leaders agree to unblock $50 bn for Ukraine by end of 2024: France

G7 leaders agree to unblock $50 bn for Ukraine by end of 2024: France

by Selinda Phenyo
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oy jumps next to a destroyed Russian self-propelled gun on Mykhailivska Square in the center of Kyiv amid the Russian invasion in Ukraine (Anatolii STEPANOV)

G7 On Ukraine Aid

Group of Seven leaders have agreed to provide Ukraine with $50 billion via the use of frozen Russian assets by the end of the year, the French presidency said on Wednesday.

“We have an agreement,” a presidency official said, ahead of a G7 summit in Italy on Thursday that will focus on backing Kyiv’s fight against Russia’s invasion.

The US military has vowed to help Ukraine build up its military expertise over 10 yearsThe US military has vowed to help Ukraine build up its military expertise over 10 years – Bumble Dee/Alamy

G7 leaders had aimed to agree a deal on using the profits from the interest on 300 billion euros ($325 billion) of frozen Russian central bank assets to help Kyiv, using the profits as collateral for a loan of up to $50 billion.

US President Joe Biden is to meet with Ukraine President Volodymyr Zelensky on Thursday during the G7 summit in Puglia, Italy.

“Originally this was an American initiative,” the French presidency official said, adding that in theory the loan to Ukraine would be repaid with “the proceeds from the frozen Russian assets”.

Joe Biden has made supporting Ukraine one of his flagship policiesJoe Biden has made supporting Ukraine one of his flagship policies – Evan Vucci/ap

“But if for some reason or another, if the Russian assets are unfrozen or the proceeds from the Russian assets are not enough to finance the loan, then we’ll have to consider how to share the load” of the loan, the source said.

dt/cf/ybl/js/bc

A boy jumps next to a destroyed Russian self-propelled gun on Mykhailivska Square in the center of Kyiv amid the Russian invasion in Ukraine (Anatolii STEPANOV)A boy jumps next to a destroyed Russian self-propelled gun on Mykhailivska Square in the center of Kyiv amid the Russian invasion in Ukraine (Anatolii STEPANOV)

AFP


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