Canada is ready to contribute up to $5 billion to the loan to Ukraine which will be based on future revenues from frozen Russian assets, according to what has been learned The Canadian Press from a high-level source within the federal government.
The source, who spoke on condition of anonymity because he was not authorized to publicly discuss details of the loan, said G7 leaders were finalizing the final details on it.
Leaders of the G7 countries have agreed to provide a $50 billion loan to help Ukraine in its fight for survival amid the Russian invasion. The loan would use interest earned on profits from the Russian central bank’s frozen assets as collateral.
This news comes on the first day of the G7 leaders’ summit taking place in Puglia, Italy.
The three-day summit is an opportunity for leaders of seven wealthy democracies – France, Italy, Germany, the United Kingdom, the United States, Canada and Japan – to work together on goals common.
During the summit, Prime Minister Justin Trudeau is scheduled to meet, among others, German Chancellor Olaf Scholz, French President Emmanuel Macron and Ukrainian President Volodymyr Zelenksy.
He is also scheduled to participate in working sessions with other leaders on collaboration on Africa, climate change, the Middle East and Ukraine.
After the G7 Summit, Mr. Trudeau will travel to Switzerland on Saturday to attend the Ukraine Peace Summit, where a larger group of countries will meet to discuss a first step toward peace in the country that is trying to push back the Russian invasion for three years.
Swiss officials clarified that the conference aims to chart a path towards “lasting peace” in Ukraine, achieve a “common understanding” to get there and develop a road map on how to involve both sides in the talks.
Canada will in turn host the G7 Summit next year.