G7 to finalize framework deal for $50 bln loan to Ukraine by October - Reuters
Flags of G7 countries (photo: Getty Images)
In the coming months, G7 countries will establish a framework deal to provide Ukraine with a loan funded by revenues from frozen Russian assets, announces European Economic Commissioner Paolo Gentiloni.
The loan, valued at $50 billion, will be serviced using revenues from Russian central bank assets, approximately $300 billion, which have been frozen in the West since Russia invaded Ukraine in 2022.
Gentiloni mentioned that on Wednesday, July 24, G7 ministers met to discuss the issue and made significant progress on the technical and legal aspects of the loan.
"I am confident we will be able to have this in place by October. By October I mean the frame," he clarified.
Reuters reports that although there is no unanimous support within the G7 for the confiscation of Russian assets, there is agreement on the possibility of using the income generated from these assets.
Ukraine has urged the G7 to expedite the process of disbursing the $50 billion loan. Finance Minister Serhiy Marchenko emphasized that as the war continues and financial needs persist, it is crucial to establish mechanisms to ensure the country receives the necessary funds from the start of 2025.
