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G7 reveals details of US$50 billion loan paid by Russian assets

Friday, 14 June 2024, 21:20
G7 reveals details of US$50 billion loan paid by Russian assets
Stock photo: Getty Images

The leaders of the Group of Seven adopted a declaration following the summit, which outlined the details of the mechanism through which Ukraine will receive up to US$50 billion in assistance paid by Russia's frozen assets.

Source: G7 communiqué, as reported by European Pravda 

Details: The G7 leaders emphasised that, according to the World Bank, Russia caused over US$486 billion in damage to Ukraine, which it must compensate for.


Quote: "With a view to supporting Ukraine’s current and future needs in the face of a prolonged defence against Russia, the G7 will launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year," it is said in the communiqué.

These loans will be paid back with extraordinary revenues from frozen Russian government assets in the European Union and other countries. The Group of Seven confirmed that Russia's assets would be frozen until it stopped its war of aggression and compensated Ukraine for all the losses.

G7 funding will be directed to "Ukraine’s military, budget, and reconstruction needs" and this process will be coordinated by the Multi-agency Donor Coordination Platform.


"In light of the above, we task our relevant Ministers and officials to operationalize these commitments in time for ERA to begin disbursing before year-end," the G7 communiqué concludes.

Italian Prime Minister Giorgia Meloni revealed that the leaders of the Group of Seven reached a political agreement to provide Ukraine with around US$50 billion in financial support derived from frozen Russian assets.

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