MOSCOW (dpa-AFX) - At the G7 summit in Italy, the leaders signed a plan to finalize and unlock $50 billion from the proceeds of Russia's frozen assets to help Ukraine fight invading Russian forces.
In 2022, two days after Russia's invasion of Ukraine, the G7 and the European Union worked together to freeze $280 billion in Russian Central Bank funds abroad.
Under the G7 plan, about $3 billion worth of annual interest accrued from the frozen assets will be used to pay off the interest on the $50 billion loan approved for Ukraine.
U.S. President Joe Biden said this agreement accelerates Ukraine's integration into the European and trans-Atlantic communities. It includes major commitments from Ukraine to implement democratic, economic, and security reforms in line with the European Union's accession goals and NATO's programs of reforms.
This is in addition to a sweeping set of sanctions that the U.S. announced Wednesday to disrupt third countries that are supplying Russia's war efforts and increase pressure on the Russian economy.
Addressing a joint news conference with Ukrainian President Volodymyr Zelensky in Puglia, southern Italy, Biden said, 'Another reminder to Putin: We're not backing down. In fact, we're standing together against this illegal aggression'.
Zelensky thanked Biden for his leadership in the G7's decision on $50 billion loan for Ukraine. 'It's a vital step forward in providing sustainable support for Ukraine in winning this war,' he told reporters.
During the G7 meeting, the discussions focused on developing Ukraine's air defense system based on the most advanced Western complexes and on enhancing long-range capabilities.
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