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G-7 Agrees to Tap Frozen Russian Assets for $50 Billion in Ukraine Aid
Posted
June 13, 2024
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0:31Now PlayingGroup of Seven nations have agreed on a loan syndicate based on the size of their economies to provide Ukraine with about $50 billion of fresh aid starting to flow by the end of the year, according to people familiar with the matter.
After months of discussions on how to use the profits generated by frozen Russian sovereign assets, the plan is set to win the backing of leaders at a summit in Italy this week. G-7 nations would give out loans to Ukraine that will be repaid using the profits generated by the roughly $280 billion of blocked funds, most of which lie immobilized in Europe.
The deal is expected to generate critical support for Ukraine in the medium term and help cover its financing needs through 2025 and beyond. It’s a strong signal of support for Ukraine and to Russian President Vladimir Putin that he can’t outwait the bloc in the conflict, a US official said.
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