G-7 Nations Converge on U.S. Plan to Use Frozen Russian Assets for $50 Billion Ukraine Aid

May 24, 2024, 08:50 AM

The Group of Seven (G-7) countries are converging on a U.S.-led plan to utilize frozen Russian assets to provide critical financial support to Ukraine. This initiative, which could unlock up to $50 billion, aims to bolster Ukraine's war effort amid its ongoing conflict with Russia. U.S. Treasury Secretary Janet Yellen has urged G-7 ministers to consider more ambitious options during their meeting in Italy. France has expressed support for the U.S. proposal, and the G-7 finance ministers are expected to lay the groundwork for this plan in their draft communique. Ukrainian President Volodymyr Zelensky is anticipated to attend the G-7 leaders' meeting to further advocate for increased military and financial aid. The final decision on this issue is expected in mid-June.