President of the European Council Charles Michel, Italy's Prime Minister Giorgia Meloni, Canada's Prime Minister Justin Trudeau, France's President Emmanuel Macron, Japan's Prime Minister Fumio Kishida, U.S. President Joe Biden, Germany's Chancellor Olaf Scholz, Britain's Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen participate in a family photo with G7 leaders before their working lunch meeting on economic security during the G7 summit, at the Grand Prince Hotel in Hiroshima, Japan, May 20, 2023. REUTERS/Jonathan Ernst/Pool
The G7 has agreed to use frozen Russian assets to raise $50 billion (£39bn) for Ukraine, aiding its defense against the Russian invasion.
US President Joe Biden stated this decision serves as a reminder to Russia “that we’re not backing down,” while Moscow has threatened “extremely painful” retaliatory measures.
The funds are anticipated to arrive by the year’s end, representing a long-term solution to bolster Ukraine’s war effort and economy. Additionally, at the G7 summit in Italy, Ukrainian President Volodymyr Zelensky and President Biden signed a historic 10-year bilateral security deal, ensuring US military and training aid without committing American troops.
Since Russia’s 2022 full-scale invasion, the G7 and the EU have frozen $325 billion worth of Russian assets, generating about $3 billion annually in interest. This interest will be used to service the $50 billion loan Ukraine will take out on international markets.
At a joint news conference in Puglia, Italy, President Biden emphasised that the loan would “put that money to work for Ukraine and send another reminder to [Russian President Vladimir] Putin that we’re not backing down.” He asserted that Putin “cannot wait us out, he cannot divide us, and we’ll be with Ukraine until they prevail in this war.”
President Zelensky expressed gratitude for the support, calling the new security deal “a truly historic day” and the strongest agreement between Ukraine and the US since its independence in 1991. G7 leaders, including UK Prime Minister Rishi Sunak, praised the $50 billion loan, with Sunak describing it as “game-changing.”
The $50 billion loan is substantial, particularly compared to the $61 billion in US military aid agreed upon in May. Despite some in Kyiv advocating for the release of the entire $300 billion frozen fund, the European Central Bank ruled against it.
This new funding is symbolic for Ukraine, signifying that its aggressor is being forced to contribute to its defense and recovery. However, the loan is not expected to impact the current war trajectory immediately, as Ukraine continues to urgently seek more weapons, including air defence systems and F-16 fighter jets.
President Zelensky announced that the new security agreement includes US shipments of these warplanes. Despite this support, Russia is unlikely to change its stance on the war. Hours before the G7’s decision, Russian Foreign Ministry spokeswoman Maria Zakharova warned of “extremely painful” retaliatory measures.
Most of the frozen Russian assets are held in Belgium, and international law prevents confiscation for direct transfer to Ukraine. Nonetheless, this decision marks a significant point in the West’s efforts to support Ukraine against Russian aggression.
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