G7 Reaches Landmark Agreement to Fund Ukraine with Frozen Russian Assets

Negotiators for the Group of Seven have reached an agreement to provide Ukraine with USD 50 billion, backed by frozen Russian assets. The formal announcement is expected when President Joe Biden and other leaders of the group meet in southern Italy this week. The plan utilizes interest from frozen assets.

In a significant move, negotiators for the Group of Seven have solidified an agreement to grant Ukraine USD 50 billion, supported by frozen Russian assets, according to sources familiar with the discussion.

A formal announcement is anticipated later this week during a summit of President Joe Biden and fellow G7 leaders in southern Italy. The dialogue among these affluent democracies has revolved around the strategic use of over USD 260 billion in seized Russian assets, held abroad since Russia's invasion of Ukraine on February 24, 2022, to support Kyiv.

While European officials have opposed outright confiscation of these assets due to legal and financial stability issues, the newly forged plan ingeniously leverages the interest accrued on these frozen funds to bolster Ukraine's war efforts, the sources disclosed under the condition of anonymity.