In the context of the conflict with Russia, President Volodymyr Zelensky will receive financial aid from the great powers. It will come from assets of the Russian central bank.
In celebration of a new G7 summitthe leaders of the countries reached a “provisional” agreement to grant to Ukraine a loan that will be financed with the interest generated by the assets of the russian central bank that are found frozen in the European Union (EU).
The final agreement is expected to be announced this Thursday when the Ukrainian President Volodymyr Zelenskyparticipate alongside the leaders of the group of Seven most industrialized countries (G7) in a specific session on Ukraine during the summit held in Apulia, southern Italy.
The loan is expected to be about 46,000 million euros, according to a source told the EFE news agency. While another Elysée source declared yesterday before the press that he would be promoted to 50,000 million euros.
Formal approval of the loan is still awaited from each of the leaders, although none are expected to block it. If confirmed, the agreement will be detailed in the summit’s final communiqué, scheduled to be published on Friday after the closing session. The objective is that the funds arrive in Ukraine “before the end of the year”.
G7 Italy.JPG
Where will the loan to Ukraine come from?
The G7 will collectively commit to providing financing for the fund for kyiv, called “Extraordinary Revenue Acceleration Loans for Ukraine.” In large part, the money will be raised of funds from the Russian central bank.
There are currently all over the world 260 billion euros Russian assets which were blocked after Russia launched its invasion of Ukraine in February 2022. Most of them are in the hands of the European Union and, particularly, in Belgium.
These funds They generate around 3,000 million euros per year in profits, but this amount is insufficient to keep Kiev afloat, which is why the G7 has decided to use future interest as collateral for a loan to Ukraine that will be financed mainly by the US. With this economic contribution they seek to help Zelensky rebuild the damage caused in his country and acquire more military weapons.
G7 members or other interested countries They will be able to complete that fund with their own contributionsaccording to the Elysée source who spoke to the press yesterday, Wednesday.
Source: Ambito
