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G7 Summit (2): 50 billions in aid to Ukraine

Fund will use frozen Russian assets as collateral for military and humanitarian supplies

A 50 billion dollar loan to be allocated to Ukraine. It is one of the first agreements reached by world political leaders gathered in recent days in Borgo Egnazia, Puglia, for the G7 Summit which will end on 15 June 2024. The pact provides for the use of assets frozen by Russian oligarchs as a guarantee for provide money to Kiev for the post-war reconstruction of the country. 

The proposal was first put forward by the United States. This involves the use of financial profits deriving from approximately 260 billion dollars of frozen assets of the Russian central bank, mostly held in European credit institutions. To help Ukraine, the EU will issue a 50 billion dollars loan to Kiev, using the profits from the blocked funds as collateral. 

The West has frozen Russian assets in bank accounts located in Europe and the United States as part of sanctions enacted after the invasion of Ukraine in 2022. The issue is complex because in case Russian assets are thawed at the end of the war, then the profits could no longer be used to repay the loan. 

On the same topic, see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency