Biden adviser sees 'significant progress' in G7 on Russian assets for Ukraine, hopes for common vision by the time leaders meet

U.S. National Security Advisor Jake Sullivan has confirmed that the Group of Seven (G7) delegations have made "significant progress" on the use of frozen Russian assets, UNN reports, citing Bloomberg, AFP and a statement on the White House website.

Details

"Hopefully by the time the leaders meet today, we will have a common vision for the way forward," Sullivan said, starting, as Bloomberg points out, a day in Italy with a briefing for journalists on US President Joe Biden's upcoming schedule.

A deal is expected when the leaders, including US President Joe Biden, sit down with Ukrainian President Volodymyr Zelenskyy, Sullivan said, as quoted by AFP. The publication indicates that there are hopes that the leaders will reach an agreement on Thursday at a summit in Italy.

"There's been very good progress in the discussions among the G7 delegations here to reach an agreement," Sullivan said.

Earlier, on board Air Force One on Wednesday, Sullivan told reporters that discussions are ongoing and moving forward.

"Ddiscussions continue on the ground in Puglia on unlocking the proceeds of the Russian sovereign assets. We consider those discussions constructive, productive, driving forward. (...) I believe that we are making good progress in generating an outcome in which those proceeds from those frozen assets can be put to good use," Sullivan told reporters aboard Air Force One on the way to Brindisi, Italy.

The deal is expected to include a $50 billion loan to Ukraine secured by future interest income from the Russian central bank's 300 billion euros in assets frozen after Russia's invasion of Ukraine in February 2012.

But Sullivan said the delegations are still discussing details, including how many countries will "step up" and the type of financial mechanism.

"The Italian presidency (of the Group of Seven rich nations) has done a very good job bringing everyone together round the table," he said. "We have the major tentpoles of this decided but some of the specifics will be left to be worked through by experts on a defined timetable," Sullivan said.

"What we are working toward is a framework that is not generic - that is quite specific, in terms of what it would entail," he said. "But of course, the core operational details of anything that is agreed in Italy will then have to be worked through and the leaders would give direction to the experts to work that through on a defined time frame," Sullivan added.

Biden is also scheduled to meet separately with Zelenskiy on the sidelines of the G7 on Thursday to sign a bilateral security agreement between the US and Ukraine and hold a joint press conference.

G7 to unblock $50 billion of Russian assets for UkraineJun 12 2024, 07:55 PM • 106274 views