G7 set to form Ukraine aid fund using income from frozen Russian assets - Nikkei
Kyiv • UNN
The G7 countries plan to create a fund that uses revenues from frozen Russian assets to provide financial assistance to Ukraine without requiring a refund, media reports say.
The Group of Seven will set up a fund to support Ukraine, using income from frozen Russian assets, Nikkei has learned, writes UNN.
Details
"The fund will be created under an international organization, such as the World Bank. The United States, Great Britain, Japan and other countries will contribute funds to the fund in the form of loans. Profits from investing frozen assets will be used to repay these loans," the newspaper notes.
As indicated,"the foundation will provide assistance to Ukraine in the form of donations, so the country will not be obliged to return the money.
"The G7 leaders intend to reach an agreement on this issue at the summit in Italy, which will be held from Thursday," the publication reports.
The total amount of Russian assets frozen by the West is 3 300 billion. Two-thirds of the frozen assets are located in the EU, and a significant part of them is held by the Belgian clearing center Euroclear. The investment income held by Euroclear will be used to provide funds for military and other support to Ukraine, the publication points out.
