G7 leaders agree to $50bn loan for Ukraine at annual summit
Al Jazeera
G7 leaders hail ‘unity’ after reaching deal to fund Ukraine via profits on frozen Russian assets during summit in Italy.
G7 nations have agreed upon a $50bn deal to fund Ukraine through profits on frozen Russian assets, Italian Prime Minister Giorgia Meloni has said.
“I confirm to you that we have reached political agreement to provide additional financial support to Ukraine of approximately $50bn by the end of the year,” Meloni, who is hosting the G7 this year, said on Thursday.
Meloni had invited President Volodymr Zelenskyy to join a special summit session on the Ukraine war with US President Joe Biden and the leaders of France, Germany, Canada, Japan and the United Kingdom.
Addressing the meeting at the luxury Borgo Egnazia resort, Zelenskyy thanked the leaders for their support, which he said would go towards “both defence and reconstruction”, though he emphasised the need for more weapons.
The G7 plan for Ukraine is based on a multiyear loan using profits from some $300bn of impounded Russian funds.
