Italy: Italian Prime Minister Giorgia Meloni announced that the G7 countries had agreed to provide $50 billion to Ukraine from the proceeds of assets that Russia had frozen.
Meloni, who is hosting the G7 this year, stated on Thursday, “I confirm to you that we have reached a political agreement to provide additional financial support to Ukraine of approximately $50 billion by the end of the year.”
Meloni had extended an invitation to President Volodymr Zelenskyy to participate in a special summit meeting with US President Joe Biden, as well as the leaders of France, Germany, Canada, Japan, and the UK, to discuss the conflict in Ukraine.
Speaking at the gathering at the opulent Borgo Egnazia resort, Zelenskyy emphasized the need for more weapons while thanking the leaders for their assistance, saying it will go toward “both defence and reconstruction.”
Based on revenues from around $300 billion in Russian money that has been impounded, the G7 plan for Ukraine is a multiyear loan.
However, the problem is difficult because the windfall earnings cannot be used to repay the loan if the Russian assets are ever unfrozen.
Ursula von der Leyen, President of the European Commission, stated that each G7 nation will contribute to the financing package.
“All G7 are contributing to this loan. It is the windfall profits from the Russian immobilised assets in Europe that will serve it, The finance ministers are now going through the details – for example, the topic of backstops that are necessary – and [will] clarify this as soon as possible,” von der Leyen said on the sidelines of the G7 summit.
Christian Lindner, Germany’s Finance Minister, praised “unity” following the deal. German Chancellor Olaf Scholz called the loan agreement to Ukraine reached during the three-day summit of the major democracies that make up the Group of Seven (G7) “a very historic step and a historic decision” on Thursday.
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