The leaders of the G7 countries reached a consensus on how to provide loans to Ukraine in the amount of about USD 50 billion, which will be secured by revenues from frozen russian sovereign assets.
This is stated in the text of the G7 statement.
"These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets," the intergovernmental document states.
In a communique published during the meeting of world financial leaders in Washington at the annual meetings of the International Monetary Fund and the World Bank, the G7 countries confirmed that "our aim is to begin disbursing the funds by the end of the year."
G7 leaders agreed at their annual summit in southern Italy in June to provide loans backed by interest from frozen russian funds, but left many technical details to be worked out.
About EUR 260 billion (USD 280.62 billion) worth of russian assets, such as russian Central Bank reserves, were frozen due to sanctions imposed after russia invaded Ukraine in February 2022.
The vast majority of these assets are held by Euroclear, the Belgium-based Central Securities Depository, making the European Union a key player in any plan to use russian assets.
"The G7 remains steadfast in its solidarity to support Ukraine’s fight for freedom, and its recovery and reconstruction... Time is not on [russian president] Putin’s side," the statement of the G7 states emphasizes.
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