A "political" agreement was reached: media learned the details of the G7 agreement on the use of Russian assets to release $50 billion. for Ukraine
Kyiv • UNN
The G7 leaders reach a "political" agreement to provide Ukraine with a $50 billion loan from frozen Russian assets and their proceeds.
According to a US official quoted by Western media, G7 members have reached a "political agreement" on frozen Russian assets. UNN writes about the details with reference to AFP, Le Monde, and AP.
Details
G7 leaders met in Italy on Thursday and reaffirmed their solidarity with Ukraine. They reached a "political agreement" to use frozen Russian assets to free up $50 billion for Ukraine, a White House official said, quoted in particular by AFP.
"We have a political agreement at the highest level (...) and $50 billion will be spent on Ukraine," said a senior U.S. administration official, speaking on condition of anonymity.
The French official said during a briefing for journalists on Wednesday that the leaders have reached a political decision, but the technical and legal details of the mechanism for using the assets still need to be worked out. "The issue is complicated because if Russian assets are one day unfrozen - say, if the war ends - then the excess profits can no longer be used to repay the loan, which would require a burden-sharing agreement with other countries," AP points out .
"There is an agreement. As always at the G7, the leaders make a decision and the technical experts then do their job to 'shape it' to make sure it 'complies with the law', 'public finance rules' or even 'depending on each other's financial capabilities'," the source explained.
AP points out that diplomats confirmed that the agreement on the deal was reached even before the leaders landed in southern Italy for the three-day summit.
Berlin welcomed the decision on Thursday afternoon, but official statements are still expected, Le Monde reports.
The AP also quotes a senior U.S. official as saying on Thursday that the United States and European countries have agreed to freeze Russian assets under sanctions until Moscow pays reparations for its invasion of Ukraine. The move, the newspaper points out, clears the way for the leaders to announce a $50 billion loan package to Ukraine at the G7 summit.
"The long-awaited deal would use interest and proceeds from more than $260 billion in frozen Russian assets, mostly held in Europe, to secure a $50 billion loan from the United States and additional loans from other partners," AP notes.
The first payments will be made this year, but Ukraine will need time to use all the money, the AP source said.
The agreement, according to the publication, will be included in the communiqué of the G7 leaders on Friday.
The leaders' statement will reportedly "also leave open the door to full confiscation of Russian assets, for which the allies do not yet have the political will, citing mainly legal and financial stability concerns.
