G7 Countries to Provide Ukraine with $50 Billion This Year Using Frozen Russian Assets
The G7 countries will provide Ukraine with another $50 billion by the end of 2024 through the use of frozen Russian assets. According to Ukrinform, this information was confirmed during a telephone briefing by Emmanuel Bonn, a diplomatic adviser to French President Emmanuel Macron.
"The leaders have made a decision. We will confirm our support for Ukraine in the form of a joint loan of 50 billion euros, which the G7 countries will provide to Ukraine by the end of the year," he said.
According to him, this is an American loan, "but it can be supplemented with European money or national contributions".
He explained that this loan to Ukraine is planned to be repaid from the proceeds of frozen Russian assets in the European Union.
"And you understand that if the Russian assets are unfrozen for one reason or another, or if the proceeds from the Russian assets do not bring in more than is needed to finance the loan, then the question of burden sharing arises," Bonn explained.
So the technical experts will have to agree on the contract that will be used to finance the loan, and make sure it complies with all public finance laws and regulations.
"But things will go very quickly, and in any case, 50 billion will be disbursed by the end of 2024," Macron's adviser added.
The German Ministry of Finance, in turn, welcomed the G7 decision.
"Good news from the G7: Another $50 billion for Ukraine. For this purpose, we are using interest from frozen assets - a smart tool that demonstrates our unity to Putin, helps Ukraine greatly and relieves the burden on budgets. We are now working on the details," Minister Christian Lindner wrote on the X network.
Earlier, the United States said it was ready to provide Ukraine with a $50 billion loan to be repaid from the proceeds of frozen Russian assets if the EU extends sanctions against Moscow indefinitely.
Also at the G7 summit in Italy, British Prime Minister Rishi Sunak will announce bilateral aid to Ukraine in the amount of up to £242 million (almost $300 million).
The President of Ukraine takes part in the first part of the G7 summit dedicated to the war in Ukraine, which began around 16:00 Kyiv time.