G7 countries agree to transfer $50 billion of Russian assets to Ukraine

Photo: facebook.com/giorgiameloni.paginaufficiale

Italian Prime Minister Giorgia Meroni said G7 leaders During the summit, they agreed to provide Ukraine with about $50 billion in financial support from frozen Russian assets. Press Conference This follows a meeting of G7 leaders in Puglia, Italy.

Meroni said the G7 had reached “a political agreement to provide Ukraine with approximately $50 billion in additional financial support by the end of this year through a loan facility that can be repaid using windfall profits from Russian assets that are fixed within our jurisdiction.”

– Today’s step is a fundamental political one that now needs to be quickly developed from a technical point of view, explicitly taking into account the regulatory framework already adopted at EU level. But it is an unexpected result, and one that I am particularly proud of. “added the Italian Prime Minister.

At the same time, Meloni stressed that this support would not be provided through the confiscation of Russian assets themselves, but rather through the use of the profits that accumulate from these assets over time.

• On June 13, Vladimir Zelensky said he expected the G7 leaders to agree on the creation of a working mechanism. Mechanism for confiscating $300 billion of Russian frozen assets.
• Since Russia invaded Ukraine in February 2022, Western countries such as the European Union, the United States, Canada, and Japan have frozen more than $300 billion in Russian assets. These assets include gold and foreign exchange reserves held by the Russian Central Bank in foreign monetary institutions.