G7 states agree to allocate $50 billion in loans to Ukraine from revenues from Russia's frozen assets
The Group of Seven countries agreed to allocate $50 billion in loans to Ukraine, which will be provided with income from frozen Russian assets, according to the statement of the G7 leaders.
"This important result confirms the commitment undertaken by the G7 Leaders during the Summit in June," the statement said.
The first payments should begin before the end of the current year.
On June 13, the G7 leaders agreed to provide Ukraine with a loan of $50 billion. They plan to use the profit from the interest deriving from the frozen assets of the Russian central bank as collateral.
Bloomberg wrote that the funds will be directed to support the defense, economy and reconstruction of Ukraine, but the details may still change. The aid will start arriving by the end of the year.
Italian Prime Minister Giorgia Meloni said that the loan will not be financed by the EU countries, instead the money will be provided by the USA, Canada, Britain and, probably, Japan.
- Share: