Negotiators for the Group of Seven have agreed to provide Ukraine with USD 50 billion backed by frozen Russian assets. Two individuals familiar with the matter stated that an announcement is scheduled for later this week when President Joe Biden and the leaders of the G7 meet in southern Italy.
The G7, consisting of wealthy democracies, has been in discussions about how to utilize the more than USD 260 billion in Russian assets frozen outside the country following the invasion of Ukraine on February 24, 2022. European officials have been hesitant to confiscate the assets due to legal and financial stability concerns, particularly as most of the frozen assets are located in Europe. However, the plan aims to use the interest earned on the assets to support Ukraine’s war effort. The two individuals shared this information on the condition of anonymity prior to the formal agreement.