G7 Leaders Agree To Provide Ukraine With $50 Billion Using Frozen Russian Assets
Group of Seven leaders agreed at a summit in Italy on Thursday to give Ukraine $50 billion using frozen Russian Central Bank assets, a step that marks a significant escalation in the economic war against Russia.
The plan is to provide the $50 billion to Ukraine by the end of the year in the form of a loan, which will be paid back using profits from the approximately $280 billion in frozen Russian assets held by the US and its allies.
The idea is seen as a compromise between the US and Europe, as President Biden wanted to steal all of the frozen Russian funds to give to Ukraine. But the vast majority of the money is held in Europe, and EU leaders were hesitant to do that.
