G7 leaders from the United States and Europe have agreed to use interest and income from more than $260 billion in frozen Russian assets to form a $50 billion loan package for Ukraine, with the first disbursements expected this year, as part of a new strategy to support Kyiv against Russia.
This move, announced at the Group of Seven summit in Italy, will also include a bilateral security agreement between the US and Ukraine, aiming to bolster Ukraine’s defenses.
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The agreement leaves the possibility open for the complete confiscation of Russian assets, although this has not yet been agreed upon due to legal and financial stability concerns.
The Biden administration’s National Security Adviser, Jake Sullivan, described the agreement as a “real marker” of America’s commitment to Ukraine, “not just for this month and this year, but for the many years ahead.”
On Telegram, Ukrainian President Volodmyr Zelensky said the package is “unprecedented, as it should be for leaders who support Ukraine.”
Shane Devine is a writer covering politics and business for VT and a regular guest on The Unusual Suspects. Follow Shane’s work here.
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