G7 leaders seek deal to use interest from Russian assets for Ukraine

U.S. President Joe Biden

© APA | U.S. President Joe Biden

# 13 June 2024 13:26 (UTC +04:00)

Group of Seven leaders will aim to boost funding for Ukraine in its war with Russia and offer a united face in confronting China's political and economic ambitions at their annual summit in southern Italy on Thursday, APA reports citing Reuters.

For a second year running, Ukrainian President Volodymyr Zelenskiy will attend the summit, taking part in talks on Thursday, and he is due to sign a new, long-term security accord with U.S. President Joe Biden.

The G7 leaders look likely to announce they have agreed at least in principle on plans to issue $50 billion of loans for Ukraine using interest from Russian sovereign assets frozen after its invasion of Ukraine to back the multi-year debt package.

"I think we will have the major tentpoles of this decided, but some of the specifics left to be worked through by experts on a defined timetable," White House National Security Advisor Jake Sullivan said of the discussions.

"I think we are on the verge of a good outcome here," he added.

Officials acknowledge the plan is complex, with legal experts still having to thrash out the details that will need the backing of European nations, particularly Belgium, which is not in the G7.

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