G7 Finance Ministers Progress on $300bn Plan to Use Frozen Russian Assets for Ukraine Aid

May 25, 2024, 11:54 AM

G7 finance ministers are progressing towards a plan to use frozen Russian assets to aid Ukraine. The ministers have backed the idea of providing Ukraine with a loan secured by the proceeds of these assets. A draft communique indicates that the G7 is considering using the interest generated from the frozen assets to support Ukraine. While no final deal has been reached, there is significant progress, and further discussions are expected in the coming weeks. The potential agreement aims to provide substantial financial support to Ukraine, with hopes of a finalized plan by next month. The deal could involve up to $300bn in frozen Russian assets, with progress cited as of May 25.