PARIS: Group of Seven leaders have agreed to provide Ukraine with US$50 billion via the use of frozen Russian assets by the end of the year, the French presidency said on Wednesday (Jun 12).
"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.
G7 leaders had aimed to agree a deal on using the profits from the interest on 300 billion euros of frozen Russian central bank assets to help Kyiv, using the profits as collateral for a loan of up to US$50 billion.G7 leaders gather in Italy as Ukraine war, Gaza conflict and Chinese overcapacity top agenda
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".
"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.Get our pick of top stories and thought-provoking articles in your inbox
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