G7 Nations Lock Sanctioned Russian Assets for Ukraine Reparations

The US and European countries have agreed to lock sanctioned Russian assets until Moscow pays reparations for its invasion of Ukraine. This decision paves the way for a USD 50 billion loan package for Kyiv, leveraging interest and income from frozen Russian assets held largely in Europe.


PTI | Borgoegnazia | Updated: 13-06-2024 19:11 IST | Created: 13-06-2024 19:11 IST
G7 Nations Lock Sanctioned Russian Assets for Ukraine Reparations
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In a groundbreaking move, the United States, along with European countries, has decided to lock up sanctioned Russian assets until Moscow agrees to pay reparations for its invasion of Ukraine, a senior US official confirmed on Thursday. This crucial agreement has set the stage for leaders to announce a USD 50 billion loan package for Kyiv at the upcoming Group of Seven (G7) summit.

The agreement will leverage the interest and income generated from more than USD 260 billion in frozen Russian assets, primarily held in Europe, to secure substantial financial support. The first disbursements are expected within this year, although it will take time for Ukraine to fully utilize the funds. An anonymous official revealed that this significant agreement will feature prominently in the G7 leaders' communique on Friday.

Furthermore, President Joe Biden is scheduled to meet with Ukrainian President Volodymyr Zelenskyy on Thursday to discuss a bilateral security arrangement between the US and Ukraine. The G7 nations continue to explore innovative strategies to bolster Ukraine's defenses against Russian aggression, while keeping the option to fully confiscate Russian assets open, despite existing legal and financial stability concerns.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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