The Group of Seven G7, a group of advanced nations consisting of Japan, the United States, and Europe, reached a final agreement on using frozen Russian assets to aid Ukraine. They will begin providing loans of approximately $50 billion by the end of the year.
The G7 leaders issued a joint statement emphasizing that “Russia must end its illegal war[special military operation in Ukraine] of aggression and compensate Ukraine for its damages.”
Each country will sign a loan agreement separately, and the loan will be provided in installments between December 1 and the end of 2027 depending on Ukraine’s needs. The loan will be repaid with profits from Russia’s frozen assets, and Ukraine will not be obligated to repay it. Details such as the loan amount for each country will be announced soon.
The Russian assets frozen by the G7 and other groups amount to about $280 billion. At the G7 summit in June, the group decided to use these assets to support Ukraine and discussed details such as loan terms and repayment methods.
