In the next few months, it is expected to conclude a framework agreement on a loan to Ukraine, which will be serviced from income from Russian assets.
The G7 countries are likely to conclude a framework agreement before October to provide Ukraine with a $50 billion loan using proceeds from Russian fixed assets. The European Commissioner for Economic Affairs, Paolo Gentiloni, announced this on Thursday, July 25, Reuters reports.
Gentiloni noted that on July 24, G7 ministers held a meeting on a loan for Ukraine. According to him, significant progress has been made in the technical and legal aspects of the loan.
“I am confident that we will be able to conclude an agreement before October. By October, I mean the framework,” the European Commissioner clarified.
The $50 billion loan will be serviced by proceeds from about $300 billion of Russian central bank assets frozen in the West following Moscow’s invasion of Ukraine in early 2022.
Although there is no unanimous support in the G7 for asset confiscation, there is agreement on the possibility of using the revenues generated by the assets.
Let’s remember that in June the G7 countries agreed on a plan to give Ukraine a loan of $50 billion. The debt will be repaid from the proceeds of Russian properties.
New developments: how the EU and the US want to use Russian assets
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.