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G-7 Nears Deal to Unlock $50 Billion from Frozen Russian Assets for Ukraine, Eyes $300 Billion More

May 24, 2024, 03:00 PM

The Group of Seven (G-7) countries are nearing an agreement to tap into frozen Russian assets to provide critical financing for Ukraine. This plan, which could unlock up to $50 billion, aims to support Ukraine's war effort against Russia. The proposal, primarily driven by the United States, has gained broad support among the G-7 nations. Finance officials from these countries are meeting in Stresa, Italy, to finalize the details. The urgency of the plan is underscored by Ukraine's deteriorating financial situation and the need to counter Russia's territorial gains. Ukrainian President Volodymyr Zelenskiy is expected to attend the G-7 leaders' meeting to push for additional aid. U.S. Treasury Secretary Janet Yellen has expressed optimism about the progress of the talks, noting no significant obstacles in the discussions. However, some resistance remains, notably from Hungary's Prime Minister Viktor Orbán, who is holding up legislation that would enable Ukraine to receive up to €2 billion for weapons from the EU. The G-7 finance ministers are set to lay the groundwork for this plan, with further discussions expected in mid-June. Additionally, there are hopes to secure up to $300 billion in frozen Russian assets.