Friday 14 June 2024 - 03:38

G7 leaders agree to lend Ukraine $50 Billion

Story Code : 1141623
G7 leaders agree to lend Ukraine $50 Billion
A Group of Seven summit opened on Thursday June 13 with agreement on a U.S. proposal to back a $50 billion loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support even as Europe's political chessboard shifts to the right.

G7 leaders had aimed to agree on a deal on using the profits from the interest on $325 billion of frozen Russian central bank assets to help Kyiv, using the profits as collateral for a loan of up to $50 billion.

US President Joe Biden is to meet with Ukraine President Volodymyr Zelensky on Thursday during the G7 summit in Puglia, Italy. "Originally this was an American initiative," the French presidency official said, adding that in theory the loan to Ukraine would be repaid with "the proceeds from the frozen Russian assets."

Beyond the Ukraine war, Pope Francis will become the first pope to address a G7 summit. He'll be speaking Friday about the promises and perils of artificial intelligence, but is expected to also renew his appeal for a peaceful end to wars in Ukraine and Gaza.