The "G7" countries have agreed to provide Ukraine with a $50 billion loan by the end of the year, which will be repaid with profits from Russian assets.
This is stated in the communique following the results of the G7 summit.
The G7 leaders also confirmed that Russian assets in their countries will remain frozen until Russia stops its aggression and compensates for the damage caused to Ukraine.
"We intend to distribute this funding through various channels that direct funds to Ukraineʼs military, budgetary and reconstruction needs — within the framework of our respective legal systems and administrative requirements," the communique emphasized.
Also, the leaders of the "G7" emphasized that Russia must compensate for all the damage caused to Ukraine — approximately $486 billion. At the same time, Russia does not have the right to decide whether and when it will pay.
On reconstruction, the G7 countries also committed to strengthening the Interagency Donor Coordination Platform for Ukraine to help coordinate the distribution of funds and ensure they match Ukraineʼs needs.
- The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash. At the end of May 2024, at the G7 meeting, it was not possible to agree on a scheme to transfer finances to Ukraine.