G7 commits to deliver $50 billion to Ukraine through confiscation of profits from Russian assets

Italian Prime Minister Giorgia Meloni has announced that G7 leaders have committed to providing Ukraine with approximately $50 billion in financial support. This aid will be sourced from the profits of Russian assets frozen abroad. The agreement was reached during the G7 leaders’ summit held in Apulia, Italy.

“[The G7 has reached a] political agreement to provide about US$50 billion in additional financial support to Ukraine by the end of the year through the credit system, for which the excess profits from immobilized Russian assets in our jurisdictions can be used,” Meloni explained.

The G7 is currently working on the details of the decision, stated German Finance Minister Christian Lindner. “Another $50 billion for Ukraine. For this, we will use the interest from frozen assets – a smart tool that demonstrates our unity to Putin, significantly helps Ukraine, and relieves our budgets,” the politician added.

The agreement will provide critical support to Ukraine in the medium term and help cover its financing needs through 2025 and beyond, Bloomberg wrote. 

“Today’s step is a fundamental political move that now needs to be quickly worked out technically, clearly taking into account the regulatory framework already adopted at the European Union level, but it is an unexpected outcome of which I am particularly proud,” Meloni added.