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The G7 countries agreed to hand over  billion to Ukraine and freeze Russian assets

The G7 countries agreed to hand over $50 billion to Ukraine and freeze Russian assets

US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, European Commission President Ursula von der Leyen, European Council President Charles Michel, Italian Prime Minister Giorgia Meloni, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, and Japanese Prime Minister Fumio. Kishida at the G7 summit in Hatsukaichi in May 2023 (Reuters/File)

Leaders countries G7 Reaching an agreement on “disbursement 50,000 million dollars for Ukraine The French presidency announced on Wednesday that the frozen Russian assets would be used “before the end of 2024.”

“There is an agreement. As is always the case in the G7, the leaders make the decision and then the technicians do their work in shaping it and making sure that it is ‘compliant with the law’ and complies with the ‘rules of public finances’ and the ‘financial capabilities of the state’,” the same source explained.

“There will be consensus in the G7 when it comes to working towards this “Use those frozen assets to help Ukraine rebuild.” John Kirby, spokesman for the White House National Security Council, had said earlier.

The idea of ​​giving Ukraine up to $50 billion in loans secured by interest on 300 billion euros of Russian central bank assets frozen by the EU and the G7 to aid Ukraine has not yet gained consensus among the G7. Industrial powers.

Biden and Ukrainian President Volodymyr Zelensky in Paris on June 7, 2024 (Photo by Saul Loeb/AFP)

The Elysee Palace stressed that it was initially an American initiative. The French presidency explained that “this loan aims to be repaid from the proceeds of frozen Russian assets.” He added: “But if the freeze on Russian assets is lifted for one reason or another, or if the income from Russian assets fails to produce enough to finance the loan, the issue of burden sharing will arise.”

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“We propose the principles of this distribution and “Now the technicians have to agree on the contract that will finally be signed.”The Elysee described the agreement as “important.”

The source pointed out that one of the issues, for example, is knowing what the guarantees are for this loan, “which is essentially American, but can be supplemented with European funds or national contributions.”

French President Emmanuel Macron will arrive in Italy on Thursday morning to participate in the Group of Seven summit (Germany, Canada, the United States, France, Italy, Japan, and the United Kingdom). US President Joe Biden will meet with Ukrainian President Volodymyr Zelensky on Thursday in the Italian city of Puglia.

Macron will attend the special conference on peace in Ukraine held in Switzerland on Saturday, which is expected to be attended by dozens of leaders from around the world, but without the participation of Russia and China.

(Information from Agence France-Presse)