Official statements from G7 or financial news sources

G7 Leaders Move Closer to Using €30 Billion in Frozen Russian Assets to Trump-Proof Ukraine Aid

May 21, 2024, 06:35 AM

G7 leaders are moving closer to a plan to use frozen Russian assets to provide financial aid to Ukraine. The plan, supported by the US and EU, involves leveraging approximately €270 billion in frozen Russian state assets to back a €30 billion loan for Ukraine. US Treasury Secretary Janet Yellen emphasized the importance of this initiative, stating it would demonstrate continued support for Ukraine, adding, 'we’re not about to fold — we’re going to be able to help Ukraine.' The plan also aims to secure funding before the potential return of Donald Trump to the White House, with G7 members warming to the idea after a US diplomatic push. Discussions are ongoing about the legality and logistics of using these assets, with a decision expected in June.