G7 nations agree to give Ukraine $50 billion to freeze Russian assets

US President Joe Biden, German President Olaf Scholz, British Prime Minister Rishi Sunak, European Commission President Ursula van der Leyen, European Council President Charles Michel, Italian Prime Minister Giorgia Meloni, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, Japanese Prime Minister Fumio. Kishida at the G7 summit in Hatsukaichi in May 2023 (REUTERS/File)

Leaders countries G7 “Delivery” reached agreement 50,000 million dollars Ukraine By using frozen Russian assets “by the end of 2024”, the French president announced this Wednesday.

“There is an agreement. As always at the G7, leaders make a decision and technical experts do their job to shape it” and ensure it is “legal” and complies with “general fiscal rules” and “fiscal capacities. Each is the other,” the same source explained.

“There will be consensus when working on the G7 Use those frozen assets to help rebuild Ukraine. White House National Security Council spokesman John Kirby announced earlier.

The idea of ​​lending up to $50 billion to Ukraine, guaranteed interest on 300 billion euros of Russian central bank assets frozen by the EU and G7 powers to help Ukraine, has yet to generate consensus in the seven-member group. Industrialized forces.

Biden and Ukrainian President Volodymyr Zelensky in Paris on June 7, 2024 (Photo by Saul Loeb/AFP)

“This is initially an American initiative,” the Elysee Palace insisted. “This debt must be repaid with the proceeds of frozen Russian assets,” the French president explained. “But if, for one reason or another, Russian assets are frozen or Russian asset income fails to produce enough to finance debt, the question of burden sharing will arise,” he added.

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“We propose the principles of this distribution “Now the technicians must finally agree on the contract to be signed”The Elysée described the deal as “significant”.

One problem is, for example, knowing what the guarantees are for this loan, which the source noted, “is basically American, but it could be completed with European money or a national contribution.”

French President Emmanuel Macron will arrive in Italy on Thursday morning to attend the G7 summit (Germany, Canada, USA, France, Italy, Japan and UK). US President Joe Biden will meet with Ukrainian President Volodymyr Zelensky in Apulia, Italy on Thursday.

On Saturday, Macron will attend a special conference on peace in Ukraine in Switzerland, which is expected to be attended by dozens of leaders from around the world, but without the participation of Russia and China.

(With information from AFP)

Eden Hayes

"Wannabe gamer. Subtly charming beer buff. General pop culture trailblazer. Incurable thinker. Certified analyst."

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