It's official: The G7 has decided to send about $50 billion to Ukraine. Kyiv's reaction
Kyiv • UNN
All G7 countries pledged to keep Russian assets immobilized until Russia pays for its crimes against Ukraine. The countries assured that they will work to obtain permission in their respective jurisdictions to use future profits to service and repay the loans.
At the summit in Italy, the leaders of the G7 countries agreed to send about $50 billion to Ukraine by the end of the year, UNN reports.
As stated in the final communiqué, the funds will be serviced and repaid from future profits generated from frozen Russian sovereign assets located in the European Union and other jurisdictions.
"We [the G7] remain committed to dispelling any misperceptions that time is on Russia's side, that the destruction of infrastructure and livelihoods is of no consequence to Russia, or that Russia can win by causing Ukraine's economic collapse. In order to support Ukraine's current and future needs in the face of Russia's prolonged war defense, the G7 reached a consensus to launch a mechanism of seven additional loans to increase Ukraine's budget revenues (7 Extraordinary Revenue Acceleration Loans for Ukraine) to provide Ukraine with about $50 billion in additional financing by the end of the year," the document says.
All G7 countries pledged to keep Russian assets immobilized until Russia pays for its crimes against Ukraine.
The countries assured that they will work to obtain permission in the respective jurisdictions to use future profits to service and repay the loans.
At the same time, the parties emphasized that the issue of confiscation of frozen assets of the Russian Federation remains on the agenda. The G7 jurisdictions hold about USD 280 billion of frozen sovereign assets of Russia.
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The Ministry of Finance of Ukraine welcomed this important decision, which will help provide the country with the necessary resources to maintain the country's resilience in a full-scale war.
"The decision of the G7 leaders is a powerful signal of the unity of the democratic world. Russia must feel the price of its aggressive war against Ukraine and pay for its illegal actions. Utilizing the proceeds from Russia's immobilized assets is one of the first steps on this path. USD 50 billion will allow us to meet Ukraine's most urgent needs in 2025 and strengthen its resilience in the face of a large-scale war," said Minister of Finance of Ukraine Sergii Marchenko.
As a reminder, the EU has separately approved the allocation of proceeds from frozen Russian assets in the amount of EUR 1.5 billion. Ukraine is expected to receive the funds in July 2024. 90% will be used for military needs and 10% for reconstruction.
