Germany agrees with US plan to use frozen Russian assets to finance Ukraine

German officials are ready to support a U.S. plan to use future proceeds from frozen Russian assets - mostly in Europe - to provide $50 billion in aid to Ukraine, according to people familiar with the discussions. Bloomberg reports UNN.

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Details It is noted that Germany's consent could be a decisive step that would bring Washington and its allies closer to obtaining a significant new aid package for Kyiv and ensuring US participation regardless of the outcome of the November elections.

US and EU officials say the US proposal is gaining momentum and is expected to dominate talks between finance ministers and central bankers from the Group of Seven countries who are gathering in Stresa, Italy, for their annual meeting starting Thursday.

But German officials do not expect any final agreement before the June 13-15 meeting of G-7 leaders, nor do they expect it to be implemented by next year, according to the people, who requested anonymity.

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At stake is whether the Ukrainian government will be able to remain financially viable-finance its defense and service its debt-until 2025. With the war showing no signs of ending and Russia's military offensive gaining momentum, Ukraine's most ardent supporters are seeking to secure medium-term financing for the country in conflict and send a signal to Moscow that support for Kyiv among the G-7 allies is not waning.

G7 allies are set on US plan to freeze Russian assets for Ukraine - FT20.05.24, 12:22 • 52687 views