G7 Agrees On 50 Billion US Dollars For Ukraine, The Money From Russian Asset Interest Frozen

Italian PM Giorgia Meloni opened the G7/PHOTO Summit via Instagram @g7

JAKARTA - The leaders of the main democracies Group of Seven (G7) agreed to an agreement to lend 50 billion US dollars to Ukraine.

Pinajaman is using interest from frozen Russian state assets after Moscow launched an invasion of its country. neighboring in 2022.

The political agreement is at the heart of the opening day of the G7 leaders' annual summit in Italy, which was attended by Ukrainian President Volodymyr Zelenskiy.

The Ukrainian leader will sign a new long-term security agreement with US President Joe Biden on Thursday, as well as agreements with fellow G7 members, Japan.

Many G7 leaders are experiencing difficulties at home but are determined to make differences on the world stage because they are also trying to fight China's economic ambitions.

"There is a lot of work to be done, but I'm sure that in the past two days we will be able to hold discussions that will produce concrete and measurable results," Italian Prime Minister Giorgia Meloni told G7 guests as their talks began at a luxury resort in Puglia., reported by Reuters, Thursday, June 13.

The G7 plan for Ukraine is based on a multi-year loan that utilizes a profit of about 300 billion US dollars of confiscated Russian funds.

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The technical details will be finalized in the coming weeks, the G7 diplomatic source told Reuters. The source, who declined to be named, said additional funds would arrive by the end of this year.

A senior American official said America itself had agreed to provide funds of up to 50 billion US dollars, but that amount could decline significantly when other countries announced their participation.

The purpose of the agreement is to ensure the agreement can run for years regardless of who is in power in each G7 state.

This is in line with concerns that Republican Republican Donald Trump's candidate may be less sympathetic to Kyiv if he defeats Biden in November 2024, according to someone close to talks.