G7 Nations Agree on $50 Billion Deal to Fund Ukraine from Profits on Frozen Russian Assets
Italian Prime Minister Giorgia Meloni announced at the G7 summit that the G7 nations have reached a political agreement to provide financial support of approximately $50 billion to Ukraine by the end of the year. This funding will be sourced from the windfall profits on frozen Russian assets. President Volodymr Zelenskyy expressed gratitude for the support from the G7 leaders, highlighting the significance of the assistance for both defense and reconstruction efforts in Ukraine. The G7 plan for Ukraine involves a multiyear loan using profits from impounded Russian funds, with each G7 country contributing to the loan package. The agreement has been hailed as a historic decision by German Chancellor Olaf Scholz, who emphasized the unity and determination of the G7 in sending a clear message to Russian President Vladimir Putin. Alongside the funding deal, US President Joe Biden and Zelenskyy signed a 10-year bilateral security agreement aimed at bolstering Ukraine's defense against Russia's invasion, potentially paving the way for Ukraine's NATO membership. Additionally, the G7 summit addressed other global issues such as the conflict in Gaza and rising economic tensions between China and Western countries. The summit also highlighted the political flux in some G7 nations, with leaders navigating challenges in various domestic landscapes.
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