Italian G7 presidency confirms agreement on use of frozen Russian assets

Earlier, German Chancellor Olaf Scholz welcomed a “historic” agreement which sends “a clear signal” to Vladimir Putin.

G7 leaders, meeting in Italy, reached an agreement on the use of frozen Russian assets to help Ukraine, to the tune of $50 billion (46.5 billion euros), confirmed Thursday June 13 the Italian Prime Minister, Giorgia Meloni.

“I confirm to you that we have reached a political agreement to provide additional financial support to Ukraine of approximately $50 billion by the end of the year,” she said in Borgo Egnazia, in the south of the country.

The G7 project, pushed by the United States, provides for a mega loan of around $50 billion granted to Ukraine by its allies, guaranteed by future interest generated by Russian assets immobilized under sanctions taken since 2022.

German Chancellor Olaf Scholz had earlier welcomed the agreement “historical” sealed by the West to come to the aid of kyiv. This agreement creates “the basis for Ukraine to be able to obtain everything it needs in the near future, in terms of weapons, but also investments in reconstruction (…)”he declared, believing that it also sends “a clear signal” to Russian President Vladimir Putin.

In addition to funding, Ukrainian President Volodymyr Zelensky also asked the West to accelerate their arms deliveries and the training of F-16 pilots. Invited to Italy, he estimated that“it is right that Russia pays”demanding the pure and simple confiscation of the 300 billion euros of assets of the Russian central bank frozen by the EU and the G7, which for the moment they are refusing for legal reasons.