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G7 Leaders Agree to Provide Ukraine with $50 Billion Aid Using Frozen Russian Assets by End of 2024

Jun 13, 2024, 11:35 AM

The leaders of the Group of Seven (G7) nations have reached a political agreement to provide Ukraine with $50 billion in aid by the end of 2024. This aid will be funded using the profits generated by frozen Russian sovereign assets, according to an Elysee official and AFP reports. The agreement, which was announced at the G7 summit in Italy, marks a significant show of support for Ukraine amidst its ongoing conflict with Russia. The loan structure is based on the size of the economies of the G7 nations, and the funds will be disbursed through multiple channels starting in 2024. This decision follows months of discussions on how to utilize the frozen Russian assets to support Ukraine's war efforts and reconstruction, and is part of a US proposal backed by the French presidency.