Global

G7 Agrees To Use Frozen Russian Assets For $50 Billion Loan To Ukraine

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.

Follow us on:

AriseNews

View Comments

  • !!!! GREETINGS GREETINGS!!!!
    GOLF 2,3,4,5 #250,000
    TOYOTA CAMRY BIG
    DADDY #550,000
    Ford Edge=1m200,000
    BMW 3-series=1.640,000
    BMW 5-series=1.960,000
    TOYOTA CAMRY
    TINYLIGH= #350,000
    TACOMA 1.980m
    Mercedes-Benz C-Class ₦1.3Million
    Mercedes-Benz E-Class ₦1.8Million
    TOYOTA CAMRY
    MUSCLE= #1m450,000
    SPIDER 1.5m
    TOYOTA CAMRY
    PENCILLIGHT=#400,000
    TOYOTA COROLLA
    le=#550,000
    TOYOTA COROLLA
    S=#850,000
    Mercedes-Benz GLK ₦3.Million
    Benz ML350=2 million
    Benz ML550=2.6million
    TOYOTA
    VENZA=#1.8m
    TOYOTA Hilux 1.5 million
    TOYOTA AVALON
    #800,000
    TOYOTA AVENSIS
    #700,000
    TOYOTA RAV4 1.2m
    TOYOTA SIENNA
    #750,000
    TOYOTA
    4runner#850,000
    TOYOTA TUNDRA 1.9m
    TOYOTA PICNIC
    #850,000
    TOYOTA Highlander
    #1m850,000
    TOYOTA PADRO JEEP
    1.6m
    TOYOTA LAND
    CRUISER=1.5m
    TOYOTA YARIS #859,000
    TOYOTA MATRIX
    #850,000
    Benz C250=N1.300,000
    TIPPER Head 6mill
    Dyna Truck 900k
    TOYOTA HAICE BUS
    #1m750,000
    ACCURA ZDX 1.6m
    ACCURA MDX 1.9m
    HONDA PILOT #950,00
    HONDA BABY BOY=920k
    Land Rover Freelander ₦3.6Million
    Land Rover Discovery ₦3.2Million

    HONDA END OF
    DISCUSSION=900k
    HONDA ACCORD
    #850,000
    Benz ML300=1.5 million
    Benz C300=1.6MILLION
    Honda CR-V #950,000
    INFINITY fx450 #750,000
    to 1.4m
    NISSAN MURANO
    #1m550,00
    IS250 1m
    Es330 1.6m
    BMW X6=2.670,000
    Tacoma 1.850,000
    LEXUS RX 350 #1m950,000
    LEXUS RS 330 #1m 850,000
    LEXUS RS 300 # 950,000
    LEXUS RX 470 2.5m
    Pequot 406=870,000
    ES350 2mill
    Is350 2mill
    All NEGOTIABLE WE
    RENDER GOOD SERVICE
    TO CUSTOMER ....{ E.T .C}081_-6618_5400〽.INSTALLMENTAL PAYMENT IS FULL ALLOWED!!All VEHICLES ARE HIGHLY NEGOTIABLE〽WE COMMENCE DELIVERY WITHIN 36 STATE IN NIGERIAO8I 66I8 54OO

Recent Posts

Okpebholo: Obaseki Frustrating Handing Over Power To Me

Senator Okpebholo has accused Obaseki of attempting to frustrate a peaceful power transfer and making…

12 hours ago

Tens of Thousands Protest In Valencia Over Floods, Demand Resignation Of Regional Leader Carlos Mazón

Valencia’s citizens are protesting and demanding accountability after the deadly floods, criticising regional head Carlos…

17 hours ago

Qatar Suspends Mediation Efforts in Israel-Hamas Talks Amid Escalating Tensions, Diplomatic Frustrations

Qatar has suspended its mediation role in Israel-Hamas talks, citing lack of willingness from both…

17 hours ago

Ukrainian War: Varsity Don Asks UN, Others to Stop Russia from Alleged Recruitment of Nigerian Women

A Nasarawa professor Akyala has urged the UN to condemn Russia’s alleged illegal human labour…

18 hours ago

Trump Wins All Swing States, With Arizona Win Projected In 2024 US Election Victory

Trump has been projected to win Arizona, completing a sweep of all seven swing states

18 hours ago

Equatorial Guinea’s Baltasar Remanded in Prison over 400 Sex Tapes Scandal

Equatorial Guinea’s former anti-graft chief Engonga has been jailed in for allegedly recording over 400…

18 hours ago