The G7 leaders have reached an agreement to provide Ukraine with loans totaling approximately $50 billion, as outlined in a joint statement.
“Today, we, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine,” said the announcement posted on the Italian government’s website.
The statement specifies that the G7’s loans to Ukraine will be repaid using revenues from Russia’s frozen assets.
“These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets, in line with the respective legal systems of G7 countries and international law… Our aim is to begin disbursing the funds by the end of the year,” the statement added.
Moscow has repeatedly stated that any attempts to confiscate its frozen assets amount to theft, violate international law, and will not go unpunished. Kremlin spokesman Dmitry Peskov told Sputnik that Russia would do everything possible to recover the seized assets.