G7 to allocate $50 billion to Ukraine
The French presidency announced on Wednesday evening that G7 leaders had reached an agreement to "allocate $50 billion" to Ukraine using frozen Russian assets, explaining that this would be done "before the end of 2024".
The same source said, "There is an agreement, as is customary in the G7. The leaders make a decision and the technicians then do their work to formulate it", with the aim of ensuring that it is "in line with the law, with the rules of public finance and with everyone's financial capabilities".
Exploiting Russian assets
Earlier, US National Security Council spokesman John Kirby said, "There will be consensus in the G7 when it comes to working to use these frozen assets to help Ukraine rebuild itself".
US initiative to support Ukraine
There was no understanding among the G7 member states on the idea of granting Ukraine up to $50 billion (46.13 billion euros) in loans, guaranteed by interest on about $300 billion of Russian Central Bank assets frozen by the European Union.
"It is originally an American initiative," the Elysee said, adding that "this loan will be repaid from the proceeds of frozen Russian assets." He added, "However, the issue of burden distribution will arise if Russian assets are released for one reason or another, or if the proceeds of Russian assets are not sufficient to finance the loan."
