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Monday, Jul 22, 2024

G7 to Use Frozen Russian Assets for $50 Billion Ukraine Aid

G7 leaders have agreed to aid Ukraine with fifty billion dollars using frozen Russian assets. The decision, confirmed by the French presidency, will be discussed during the G7 summit in Italy. The plan involves using interest on three hundred billion euros of frozen Russian assets for a fifty billion dollar loan.
The Group of Seven (G7) leaders have agreed to assist Ukraine with fifty billion dollars by utilizing frozen Russian central bank assets.

This decision was confirmed by the French presidency ahead of the G7 summit in Puglia, Italy.

The plan involves using the profits from interest on three hundred billion euros (three hundred twenty-five billion dollars) of frozen Russian assets to provide collateral for a fifty billion dollar loan to Ukraine.

US President Joe Biden will meet with President Volodymyr Zelensky during the summit.

The initiative, originally American, may require G7 nations to share the loan burden if Russian assets are unfrozen or insufficient to cover the loan.
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