G7 to use Russian assets for $50bn Ukraine loan: How will it work?
Al Jazeera
The funds could help Ukraine defend itself against Russia. But the plan carries risks — and the threat of Russian retaliation.
The G7 group of countries announced a plan on Thursday to use frozen Russian assets to finance a $50bn loan for Ukraine as Kyiv continues its desperate campaign to stop its bigger neighbour’s forces from advancing further, 28 months into Moscow’s war.
The announcement came as leaders of the grouping, which consists of the United States, United Kingdom, Germany, Italy, Canada, Japan, France and the European Union, met at an annual summit held in Puglia (Apulia), Italy.
Ukrainian President Volodymr Zelenskyy, who attended the summit, hailed the move as “a vital step forward in providing sustainable support for Ukraine in winning this war”.
But just hours after that announcement, Russian Foreign Ministry spokeswoman Maria Zakharova promised that there would be “extremely painful” measures in retaliation.
Here’s what we know about the frozen assets, how the loan is expected to work and what the risks might be for Kyiv and its Western allies:
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