Leaders from the Group of Seven (G7) wealthy democracies have agreed on a $50 billion loan for Ukraine, using interest on profits from Russia’s frozen central bank assets as collateral.
Details are still being hashed out as G7 leaders gather for a summit in Italy, but it is understood that the money could reach Kyiv by the end of the year.
US President Joe Biden and Ukrainian President Volodymyr Zelenskyy will sign a new security agreement between their countries, on the side-lines of the G7 summit, sending Russia a signal of its resolve to sustain its support against external aggression.
The US government would provide most of the money, backed by windfall profits being earned on about $300 billion in immobilized Russian assets. Most of the money is being held in Europe.
Meanwhile, the office of the British Prime Minister Rishi Sunak, said he will announce up to 242 million pounds in bilateral assistance to Ukraine at the G7 summit, aimed at supporting immediate humanitarian, energy and stabilization needs for Ukraine.
