The G7 agreed to allocate $50 billion from frozen Russian assets to Ukraine

The Group of Seven countries agreed to provide Ukraine with $50 billion under a new loan program using frozen Russian assets.

These funds will be used to finance the needs of the Ukrainian budget, military support and the restoration of the state, reports Ukrinform.

The leaders of the G7 countries reached an agreement on the procedure for allocating $50 billion to Ukraine using frozen Russian assets. The G7 statement refers to the launch of an initiative called “Emergency Loans to Accelerate Income for Ukraine.”

As noted in the document, these loans will be granted and repaid at the expense of interest received from frozen Russian assets. The operations will take place in accordance with the national legislation of the G7 countries and international law. Funding will be channeled through several channels to ensure coverage of Ukraine’s critical budget needs, provide military aid and support the infrastructure recovery process.

According to G7 representatives, the goal is to start disbursing funds by the end of this year. “This step demonstrates our unwavering determination to support Ukraine as long as necessary. Time is not on President Putin’s side,” the statement reads.

The initiative will become an important element of international support for Ukraine, providing stable funding in the face of the country’s growing needs amid the war.

Earlier, USM reported that the European Council provided an explanation regarding the mechanism for Ukraine’s repayment of a macro-financial loan of EUR 35 billion.