Home News Finance G7 Leaders Pledge $50 Billion Loan To Ukraine From Frozen Russian Assets
FinanceWorld

G7 Leaders Pledge $50 Billion Loan To Ukraine From Frozen Russian Assets

416
G7 Leaders [Credit: AFP]

Leaders from the Group of Seven (G7) nations have announced a landmark agreement to provide Ukraine with a $50 billion loan from frozen Russian assets.

The deal, reached during a special session with Ukrainian President Volodymyr Zelenskyy, aims to bolster Ukraine’s defence and reconstruction efforts amid ongoing conflict with Russia. While expressing gratitude, Zelenskyy stressed the critical need for additional military support.

“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,” Italian Prime Minister Giorgia Meloni stated at the annual summit on Thursday.

The loan initiative utilises windfall profits from approximately $300 billion in Russian assets frozen in Europe. Each G7 member state will contribute, with European Commission President Ursula von der Leyen highlighting the necessity of financial safeguards in the agreement.

German Chancellor Olaf Scholz hailed the accord as historic, emphasising its defiance against Russian aggression and its strategic support for Ukraine’s defence and infrastructure needs.

Meanwhile, Russian officials have denounced the use of these frozen assets, warning of potential repercussions on European properties owned by Russia. Nevertheless, G7 leaders remain steadfast in supporting Ukraine, signalling unity against Russian tactics.

In addition to the financial commitment, U.S. President Joe Biden and Zelenskyy signed a bilateral security agreement, reinforcing U.S. support for Ukraine’s sovereignty and territorial integrity. The deal positions Ukraine closer to eventual NATO membership, although formal accession remains pending.

The summit, held amidst global turmoil, including conflicts in Gaza and economic tensions with China, underscores international efforts to stabilise regions under duress while affirming commitments to democracy and security.

 

Read more: Russia Will Cease-fire Immediatel, If Ukraine Withdraw Troops, Renounce NATO & Putin.

About The Author

Related Articles

FinanceNews

Nigeria: Tinubu’s CNG Initiative Faces Growing Backlash Over Poor Infrastructure

The Federal Government’s Compressed Natural Gas (CNG) initiative has come under intense...

ShopRite malls
Finance

ShopRite’s Empty Shelves, the Story Of Nigeria’s Fading Economy

Once the symbol of modern retail in Nigeria, ShopRite malls across the...

Reps National
FinanceNews

Nigeria: Over 60% of MDAs Breach Financial Regulations as House of Reps Raises Alarm Over Missing ₦250bn

The Nigerian House of Representatives has expressed concern over the disappearance of...