G7 members have agreed to a US proposal to support a $50 billion loan to Ukraine, secured by frozen Russian assets, according to the Associated Press.
Italy is hosting the G7 summit on June 13, with Ukrainian President Volodymyr Zelenskyy in attendance.
The US proposal aims to assist Ukraine in its struggle against Russian aggression by utilizing interest earned on Russia’s central bank assets. Most of these assets are held within the European Union.
The money could reach Kyiv in 2024, according to US and French officials who confirmed the agreement before a formal announcement.
G7 members are still working on the mechanism for using the assets. The system needs to be designed to ensure that if the Russian assets are unfrozen when the war ends, the profits can no longer be used to pay off the loan, necessitating a burden-sharing arrangement with other countries.
Zelenskyy highlighted the asset deal as one of several key arrangements he hopes to finalize during the summit, including a bilateral security agreement with the US.
“I am grateful to our partners for their belief in us and our victory,” Zelenskyy wrote on X.
Zelenskyy also said that Ukraine will sign security agreements with the US and Japan on the sidelines of the G7 summit.
Zelenskyy announces signing of security agreements with US and Japan
Additionally, the Ukrainian president mentioned that he would attend the G7 meeting and engage in several bilateral discussions. His agenda includes meetings with the Summit’s host, Italian Prime Minister Giorgia Meloni, as well as with Canadian Prime Minister Justin Trudeau, UK Prime Minister Rishi Sunak, European Council President Charles Michel, and IMF Managing Director Kristalina Georgieva.
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