The Group of Seven (G7) intends to freeze Russian assets even after the end of Russia’s war against Ukraine. Nikkei, a Japanese news agency, reported this on October 22, citing undisclosed G7 sources.
Approximately two-thirds (300 billion dollars) of the Russian sovereign assets that were immobilized following the outbreak of a full-scale conflict are held by European countries. The European Union is hesitant to confiscate assets outright but has devised an idea to use windfall profits for Ukraine’s defense and reconstruction needs.
According to the draft prepared this year by Italy, the G7 leaders will release a joint declaration in October saying “Russia’s assets will remain frozen until Russia ends its aggressive behavior and pays for damage it has done to Ukraine.”
Nikkei, citing a draft, reported that the bloc would also guarantee a loan of $50 billion to Kyiv.
During the G7 summit held in Italy in June, G7 leaders confirmed publicly a deal that Ukraine would receive the $50 billion loan before the end of the calendar year. The loan will be paid back using the interest on billions of frozen Russian assets.
Ursula von der Leyen, President of the European Commission, announced in September that a loan up to 35 billion euro ($39 billion) would be made as part of this pledge. In October, World Bank‘s Executive Committee approved the creation a new fund that will help fulfill G7’s 50 billion loan.
Estimates of damage caused by Russia’s aggression to Ukrainian infrastructure in the last decade vary. The World Bank estimated in February that the damage could be as much as $486 billion.
According to the G7 plan the profits from Russia’s assets that have been frozen will be used gradually to repay the loan. EU officials have stated that the loan will be “undesignated”, “untargeted” and allow Ukraine to spend the funds in any way it chooses. The EU plans to distribute the money as early as next year.
Zelensky, in a conversation with journalists, did not exclude the possibility that “some partners” might consider Ukraine’s NATO membership in exchange for occupied territories. “We don’t discuss this,” he said.
Zelensky, who was speaking at a Kyiv Independent-sponsored meeting, was asked about Pyongyang’s growing support for Moscow. In recent days, it is reported that the support has gone from weapons to boots on ground.
Volodymyr Zelensky, the president of Ukraine, said that Washington also plans to provide $800 millions as a first tranche for the manufacture of Ukrainian drones.
BRICS is a grouping of emerging economies that includes Russia, China, India and Brazil.
This is Pyongyang’s first public response to multiple reports from Kyiv or Seoul about such a deployment.
The loan will go towards Ukraine’s military expenditures. Kyiv can invest in key equipment for fighting Russia, including artillery, air defence, and wider equipment support.
The Air Force reported that Ukrainian forces destroyed 46 of 60 Shahed drones launched overnight by Russia.
A government source told South Korean news agency Yonhap that, “While watching for signs of North Korea and Russia military cooperation, response measures will be taken step by step.”
Russian local authorities claim that Ukrainian drones attacked four Russian plants, including three distilleries, overnight on October 22, including in the oblasts of Tula, Tambov, and Voronezh.
In an interview with Wladyslaw Bartoszewsk, Polish Deputy Minister of Foreign Affairs on October 21, Wladyslaw T. Bartoszewsk stated that Warsaw wants to review the classified additions made to Ukraine’s recent victory plan presented by President Volodymyr Zelensky.
This includes 1,350 casualties that Russian forces have suffered in the last day.
The Donetsk Regional Prosecutor’s Office reported on October 21 that Russian soldiers executed two captured Ukrainians near Selydove, in Donetsk Oblast.
The paramilitary Rapid Support Forces of Sudan (RSF) claim to have shot down an cargo plane in Darfur. It is speculated that Russians were on board.
Zelensky stated in his evening speech that “every meeting with our partners includes discussions about the Defense-Industrial Complex.” “We need Ukraine’s ability to defend its independence and sovereignty regardless of any threats from the outside world,” Zelensky said in his evening address.
Sandu stated on X that “the people of Moldova have spoken. Our EU future will be now anchored in our constitution.” “We fought fairly and won an unfair battle. The fight is not over. “We will continue to push for peace, prosperity and the freedom to create our own future.”
“Your unwavering commitment is not a simple gesture of friendship. It’s a powerful sign of the shared values which bind our nations,” said Rustem Umerov, Ukraine’s defense minister, alongside U.S. Secretary of Defense Lloyd Austin.
Local authorities reported that on October 21, Russia attacked the towns Kurakhove, Myrnohrad and Pokrovsk in the Donetsk Oblast district. Three people were killed and two others injured.
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