The Group of Seven (G7) has agreed to provide Ukraine with $50 billion in loans backed by revenue from frozen Russian assets. The funds, set to be disbursed by the end of the year, aim to support Ukraine’s economic, defense, and reconstruction needs. Western countries have frozen $300 billion in Russian assets, with $3.2 billion in annual profits earmarked for the loan. President Zelensky of Ukraine urged G7 leaders to back the plan and create a mechanism for confiscating the full $300 billion in frozen Russian funds. The G7 intends to keep the Russian assets immobilized even after the war ends. Ukraine has expressed its capability to produce drones and missiles for deep strikes into Russia, pending financial support from Western allies. This financial aid could bolster Ukraine’s defense capabilities as it navigates ongoing conflict. The agreement represents a significant step towards stabilizing Ukraine’s economy and strengthening its defense infrastructure.
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G7 to provide Ukraine $50B in loans backed by frozen Russian assets
