G7 agreed on US$50 billion for Ukraine at expense of Russian assets – Italian PM

Italian Prime Minister Giorgia Meloni has revealed that the leaders of the Group of Seven reached a political agreement to provide Ukraine with around US$50 billion in financial support derived from frozen Russian assets.

According to Meloni, the Group of Seven has struck a "political agreement to provide about US$50 billion in additional financial support to Ukraine by the end of the year through the credit system."

She added that such assistance will not be supplied by confiscating the assets themselves but rather by utilising the revenues from these assets, which grow over time.

"It was an unexpected outcome for which I am especially proud. Now it will have to be worked out from a technical standpoint," Meloni stated.

Earlier, the Élysée Palace reported that the leaders of the G7 member states reached an agreement concerning the allocation of US$50 billion for Ukraine through the use of frozen Russian assets.

This is about the proposition of the US, which provides for a US$50 billion loan for Ukraine from the G7 to be paid using the income received from Russia’s frozen assets.