Group countries will grant US$50 billion to Kiev from profits from Russian applications in the West

The member countries of the G7 (Group of Seven) agreed this Thursday (June 13, 2024) to provide a loan of US$50 billion to Ukraine. The amount will be financed by profits from Russian assets frozen in the West.

The decision was taken during a group meeting in Italy. The summit was attended by Ukrainian President Volodymyr Zelensky and focused on supporting Ukraine in the face of the 2022 Russian invasion.

The President of the United States, Joe Biden, stated that the decision was a “important step” it is a “reminder to Putin”. German Chancellor Olaf Scholz declared that the decision was “historical”.

The US$50 billion financing comes from around US$300 billion in Russian funds seized in the bloc’s member countries. According to Reuters, loan details will be defined in the coming weeks. The funds are expected to be available to Kiev by the end of the year.

Russian Foreign Ministry spokeswoman Maria Zakharova criticized the actions of the G7. Zakharova classified the initiative as criminal and promised a response to the European Union.

In addition to financing Kiev through Russian assets, Zelenskiy signed a 10-year security agreement with Japan, including a $4.5 billion contribution for 2024. A similar agreement with the United States is planned, strengthening support international to Ukraine.


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