The G7 Demands Russia to Pay $486 Billion in Damages to Ukraine
Recent joint statement by the leaders of the Group of Seven (G7) nations has demanded that Russia pay $486 billion to Ukraine in damages caused by the ongoing conflict. The US and its G7 allies have frozen roughly $300 billion in Russian assets until Moscow ends the conflict and compensates Ukraine.
The G7 plans to provide ‘Extraordinary Revenue Acceleration (ERA) Loans’ amounting to approximately $50 billion to support Ukraine’s current and future needs in defense against Russia. This funding will be serviced and repaid by future flows of revenues from immobilized Russian assets held in the European Union and other jurisdictions.
Russian President Vladimir Putin laid out conditions for Ukraine peace talks, emphasizing the need for Ukraine to remove its troops from Russia’s new regions. Despite calls for negotiation, Ukrainian President Vladimir Zelensky has rejected Russia’s terms, describing them as an “ultimatum.”
As the situation unfolds, tensions between Russia, Ukraine, and the West remain high, with potential consequences for international relations.