The leaders of the G7 group have agreed to allocate $50 billion for Ukraine from Russia’s frozen central bank assets. The statement came out on June 12 from the Elysee Palace, according to the AFP agency.
According to the administration of the French president, Ukraine is set to receive the loan by the end of 2024.
The decision is expected to be officially adopted at the G7 Summit on June 13-14, after which the countries will have to outline the technical aspects of its implementation.
“There is an agreement. As always in the G7, the leaders adopt decisions, and then technical experts do their job to shape them,” as was stated by the French official.
If Russia regained control of its frozen assets or if the immobilized funds weren’t generating enough interest to pay back the loan, “then the question of burden-sharing arises,” according to the French official.
The G7 will create a fund to support Ukraine using the income generated from frozen Russian assets.
The fund is reportedly being created under the World Bank with contributions coming in the form of “Extraordinary Revenue Acceleration” (ERA) loans.
Earlier, during the opening ceremony of the Ukraine Recovery Conference 2024, the EU suggested giving Ukraine a separate loan, from which €1.5 billion will become available for Ukraine from the frozen assets of the Russian Federation.
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