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“$486 billion” – G7 demands war reparations from Russia, freezes assets

June 15, 2024
From left: European Council President Charles Michel, German Chancellor Olaf Scholz, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, British Prime Minister Rishi Sunak, and European Commission President Ursula von der Leyen pictured at the G7 summit. [Photo:The Economics Times]

Leaders of the Group of Seven (G7) countries said at a summit in Italy that Moscow must pay Kyiv $486 billion for damage allegedly caused to Ukraine by its military operations. This is stated in the joint final statement of the summit participants.

“The overall costs reflected in the recovery and reconstruction figure of $486 billion,” World Bank Group writes.

The statement also notes that frozen Russian assets will remain so until the end of the conflict and payment of damages to Kyiv. By the end of the year, the G7 countries plan to provide Ukraine with a loan of $50 billion; It is planned to repay it from income from Russian frozen assets.

The G7 leaders’ meeting, chaired by Italy, takes place from June 13 to 15 in Brindisi. The main topics of the summit are conflicts in Ukraine and the Middle East, the situation in Africa, as well as migration problems, and artificial intelligence.

Russia Desk

Russia Desk

The Russia Desk leads The Eastern Herald's coverage of Russia, the war in Ukraine, NATO's eastern flank, and the post-Soviet space. The desk has reported continuously on the Russia-Ukraine conflict since its full-scale expansion in February 2022 and verifies through Kremlin statements, NATO briefings.

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