G7 Countries Agree to Provide $50 Billion to Kyiv by Year-End

The leaders of the "Group of Seven" (G7) nations have agreed to provide a loan of $50 billion to Ukraine by the end of 2024, backed by frozen assets.

"We have an agreement," said a representative of the Élysée Palace. According to Bloomberg, details of the agreement have not yet been reliably confirmed following the G7 summit that took place earlier this week in Italy. This indicates that it may take some time before the document is officially signed.

The proposal to grant a $50 billion loan to Ukraine, which will be financed through revenue generated from frozen Russian assets, was initially suggested by the United States. Washington hopes that Kyiv will receive the funds as early as this summer.

However, there were concerns within the European Union that the U.S. initiative could lead to a "PR victory" for Washington, with all the costs ultimately falling on European countries. In particular, the U.S. demanded that the EU indefinitely extend sanctions against Russia to prevent the depletion of Russian resources until the loan to Ukraine is repaid. It is noted that Russian assets could yield approximately €3-5 billion.