Ukraine, G7 leaders: “Agreement on 50 billion loans”
Agreement reached for the provision of additional funds from profits from immobilized Russian sovereign assets
ROME – At the initiative of the President of the Council, Giorgia Meloni, the G7 leaders have adopted a declaration announcing the agreement reached for the provision of loans to Ukraine amounting to approximately 50 billion dollars in total, using the profits deriving from immobilized Russian sovereign assets. This is an important achievement that realizes the commitment made by the G7 in June at the Borgo Egnazia Summit.
“We have reached a consensus on how to provide Ukraine with approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans. These loans will be disbursed and repaid from future extraordinary revenue flows from the immobilization of Russian sovereign assets, in line with the respective G7 legal systems and international law,” the leaders’ statement read.
“The proceeds of the loan will be disbursed through various channels to support financial, military and reconstruction assistance to Ukraine, in line with all applicable laws and respective legal systems of the G7 members.
Our aim is to start disbursing the funds by the end of the year. We express our highest appreciation for the timely implementation of this historic decision of the G7 Leaders by the Finance Ministers who agreed on a technical solution that ensures coherence, coordination, fair distribution of loans and solidarity among all G7 partners.
We are especially grateful to the European Union and its Member States for their constructive engagement towards this extraordinary achievement,” the statement continued, recalling that “today’s announcement confirms that the G7 stands by the commitment made in June at the G7 Leaders’ Summit in Puglia.
Russia’s illegal and unprovoked aggression has caused untold harm to the Ukrainian people and to global peace and security. We will not tire in our determination to provide Ukraine with the support it needs to prevail. Russia must end its illegal war of aggression and pay for the harm it has caused to Ukraine, in line with international law. The G7 remains steadfast in its solidarity in supporting Ukraine’s fight for freedom, recovery and reconstruction.
By providing significant funding through ERA loans to meet its urgent needs, we have once again made clear our unwavering commitment to support Ukraine for as long as it takes. Time is not on President Putin’s side.”