The Group of Seven (G7) announced on October 25 that it had reached an agreement with Ukraine to provide a loan of approximately $50 billion backed by foreign Russian assets.
The G7 leaders stated that they hoped to start disbursing funds by the end the year.
During the G7 Summit in Italy in June, G7 Leaders publicly confirmed that they had reached an agreement regarding the plan to give Ukraine a $50 billion loan. Soon after, officials announced that the plan would be completed in October.
The statement dated October 25 reads: “Today, Leaders of Group of Seven (G7) have reached a consensus regarding how to deliver around $50 billion in Extraordinary revenue Acceleration (ERA), loans to Ukraine.”
“These loans will serviced and repaid with future flows of extraordinary revenue resulting from the immobilization Russian Sovereign Assets in accordance with G7 legal systems and international laws.”
The funds will be used to support Ukraine’s economic and defense needs, as well as reconstruction.
The West can only access the income generated from these funds, which is approximately $3.2 billion, because they have frozen $300 billion of Russian assets. These profits will be used to back the $50 billion loan to Kyiv. The vast majority of assets are frozen in European nations.
At the G7 summit, Volodymyr Zelensky called for G7 leaders to support the $50 billion plan. He also urged creation of a mechanism that would allow the confiscation of the $300 billion in Russian funds that had been frozen.
According to media reports from October 22, the G7 plans on keeping the Russian assets immobilized after the war against Ukraine ends.
G7 leaders announced that they would begin disbursing funds by the end the year. The loan will help Ukraine meet its economic, defense and reconstruction needs.
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