BORGO EGNAZIA, Italy: Leaders of the Group of Seven major democracies agreed on an outline deal on Thursday (Jun 13) to provide US$50 billion of loans for Ukraine using interest from Russian sovereign assets frozen after Moscow invaded its neighbour in 2022.
US President Joe Biden shakes hands with Ukraine 's President Volodymyr Zelenskyy in Paris on Jun 7, 2024. BORGO EGNAZIA, Italy: Leaders of the Group of Seven major democracies agreed on an outline deal on Thursday to provide US$50 billion of loans for Ukraine using interest from Russian sovereign assets frozen after Moscow invaded its neighbour in 2022.
Calling the frozen asset agreement a"significant outcome", Biden told reporters it was"another reminder to Putin that we're not backing down". "This is a very clear commitment that should embolden the Ukrainians to do what they need to to defend their independence and sovereignty," said German Chancellor Olaf Scholz.
Many of the G7 leaders are struggling at home but look to project confidence on the world stage as they confront an array of problems, including China's economic ambitions, the growth of artificial intelligence and turmoil in the Middle East. Western nations are also expected to voice both unanimous concern over China's industrial overcapacity, which they say is distorting global markets, and their determination to help African states develop their economies, diplomats said.G7 leaders agree to unblock US$50 billion for Ukraine by end of 2024: France
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