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G7 To Use Frozen Russian Assets To Send $50 Billion Aid To Ukraine

G7 leaders had been aiming to agree on how to use frozen Russian central bank assets.

Paris:

G7 leaders have agreed to use frozen Russian assets to provide Ukraine with $50 billion by the end of the year, the French presidency announced on Wednesday.

“We have agreed,” a presidential administration official said ahead of Thursday’s G7 summit in Italy, where the focus will be on helping Kiev fight against Russian aggression.

G7 leaders had aimed to agree to use interest profits from 300 billion euros ($325 billion) of frozen Russian central bank assets to help Kiev and to use the profits as collateral for loans of up to $50 billion.

U.S. President Joe Biden is due to meet with Ukrainian President Volodymyr Zelensky on Thursday during the G7 summit in the Italian region of Puglia.

“Originally this was an American idea,” a French presidency official said, adding that in theory the loan to Ukraine would be repaid with “proceeds from frozen Russian assets.”

“But if for some reason the Russian assets are unfrozen or the revenues from them are not enough to cover the loan, then we will have to consider how to share the burden of the loan,” the source said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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