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G7 leaders agree to use interest on Russian assets to help rebuild Ukraine

The leaders of the G7 – the group of the most industrialized countries in the world – agreed this Thursday to mobilize 50 billion dollars (46.3 billion euros) to help rebuild Ukraine nia, using frozen Russian assets.

“There is an agreement,†announced the French presidency in a statement. “It is initially a North American initiative. This loan is intended to be repaid with the resources of Russian assets frozen by the European Union after the start of the war in Ukraine, which has lasted for 28 months.

“But if for one reason or another the Russian assets are unfrozen or if the proceeds from the Russian assets no longer produce what is needed to finance the loan, then the question arises that of burden sharing”, highlighted the Élysée Palace.

One of the questions is to know, for example, what are the guarantees of this loan, which is essentially American, but which can be supplemented with European money or national contributions.

The G7 summit takes place between this Thursday and Saturday in Italy. The agenda will be dominated by the war in Ukraine but also in the Middle East, as well as Artificial Intelligence and the situation in Africa and Latin America.

It is also known that the North American President, Joe Biden, and the Ukrainian President, Volodymyr Zelensky, will sign a bilateral security agreement. “[Esse acordo] specifies that our support will continue for a long time,” said the US national security advisor.

“Any lasting peace in Ukraine must be based on its own ability to defend itself,†insisted Jake Sullivan, specifying that the agreement provides for the supply of more weapons and assistance to Ukraine, but will not directly involve American troops defending against Russian aggression. ​

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Francesco Giganti

Journalist, social media, blogger and pop culture obsessive in newshubpro

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