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June 13, 2024 – Leaders of the Group of Seven (G7) announced Thursday that Ukraine supporters have agreed to provide Kiev with a $50 billion loan, financed by profits from frozen Russian assets in Europe and the United States, The Hill reported.
The agreement marks a major achievement for President Biden as the U.S. has led efforts to get broad Ukrainian voters to agree to the seizure of Russian assets to support Kyiv and counter Russian President Vladimir Putin.
“I’m pleased to share this with you this week … that the G7 signed on to a plan to finalize and release $50 billion in profits from these frozen assets, to put that money into Ukraine and to remind Putin that we are not endorsing, in fact, we are united in our opposition to this illegal aggression,” Biden said Thursday at a news conference alongside Ukrainian President Volodymyr Zelensky.
“Thank you, Mr. President, for your leadership in the G7 decision to provide Ukraine with a $50 billion loan; this is an important step in providing Ukraine with sustainable support to win this war,” Zelensky said.
“The Russian assets that have been fixed should be used to protect Ukrainian lives from Russian terrorism and to compensate the aggressor for the damage caused to Ukraine. This is fair and absolutely right.”
The proposal was led by the United States and passed on the first day of the G7 summit in Italy.
G7 members froze about $280 billion in Russian assets after the invasion began in February 2022, and the proposal would use the interest generated by the frozen assets ($2.6 billion to $3.6 billion per year) to repay a $50 billion loan to Ukraine immediately.
“This is something that the United States is investing a lot of energy and effort into,” National Security Advisor Jake Sullivan said during a briefing with reporters ahead of Thursday morning’s event.
“We believe that the revenue from these assets is a valuable source of resources for Ukraine at a time when Russia continues its brutal treatment of Ukraine, not only through the first phase of military operations, but also through attempts to disrupt its energy grid and the vitality of its economy.”
The pledge by the G7 nations comes as Russia’s illegal war on Ukraine, which has lasted more than two years, is testing unity among Kiev’s military and financial backers.
While Ukraine was able to largely repel Russia’s latest offensive around the city of Kharkiv, it has resulted in battlefield losses without adequate military supplies.
Last week, during a meeting with Zelensky during the 80th anniversary of the D-Day landings, the president apologized for the seven-month delay in Congress passing a multibillion-dollar aid package.
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