Official announcements from EU, G7, or credible news sources

Biden and Macron Agree to Use $3 Billion in Frozen Russian Assets for Ukraine Ahead of G7 Summit

Jun 11, 2024, 07:15 AM

U.S. President Joe Biden and French President Emmanuel Macron have reached an agreement to utilize $3 billion in frozen Russian assets to aid Ukraine. This decision, announced ahead of the June 13-15 G7 summit in Italy, marks a significant step in addressing ongoing tensions with Russia. The profits from these immobilized assets will be used to provide Ukraine with financial support, including an upfront loan and securing its 2025 financing. Approximately €260 billion of Russian central bank funds are frozen, generating €2.5-€3.5 billion annually. The agreement aligns with the efforts of the European Union and the G7 to support Ukraine amid its recovery from the war. The Ukraine Recovery Conference 2024 in Berlin, attended by various international representatives, further emphasized the global commitment to Ukraine's reconstruction.