July 15. 2024. 7:15

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G7 leaders strike ‘provisional’ deal on $50 billion Russian frozen assets loan to Ukraine

G7 negotiators agreed on Thursday (13 June) on a loan plan based on the size of their economies to provide Ukraine with about $50 billion in aid, expected to start flowing by the end of the year, according to people familiar with the matter.

“It’s done – at sherpa level, it is agreed and I do not expect any [of the] leaders (…)  to block it,” said one of the officials, speaking on the condition of anonymity.

“There is a provisional agreement, but, of course, it still needs formal approval from the G7 leaders,” the official said, in reference to the final communiqué of the summit, held in Italy from 13 to 15 June.

Under the deal, G7 members would provide “approximately $50 billion” to Ukraine to cover its financing needs through 2025 and beyond, backed by the future windfall profits from Russian immobilised assets.

Technical details of the agreement were yet to be worked out, including who would bear the ultimate risk of the loan to Ukraine, and how the money would be distributed.

The formal agreement, which is a central deliverable of the G7 summit, is expected to be announced on Thursday when Ukraine’s President Volodymyr Zelenskyy joins the leaders for a session on Ukraine.

It comes after G7 members in the past days were inching towards a deal.

Read more with Euractiv

Houthis say they targeted Greek-owned ship damaged in Red Sea

Houthis say they targeted Greek-owned ship damaged in Red Sea

Iran-allied Houthi militants on Wednesday (12 June) took responsibility for small watercraft and missile attacks that left a Greek-owned cargo ship taking on water and in need of rescue near Yemen’s Red Sea port of Hodeidah.

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