–G7 agreed on $50B loan for Ukraine….

G7 a Group of Seven wealthy democracies announced $50billion loan to Kyiv to enable Ukraine fight against Moscow’s invasion, using interest income from Russian assets frozen in Western. It have been estimated that over $280 billion in Russian funds frozen in Western financial institutions. Those funds are expected to generate interest income of at least $3 billion a year. The $50 billion loan will be paid back with that income for 10 years or more or until the loan is paid or Russia pays reparation.

It will be recalled that on April, Biden signed legislation to seize roughly $5 billion in Russian assets that had been immobilized in U.S. financial institutions. The bulk of the money, though, $190 billion, is in Belgium, and much of the rest is in France and Germany.

The summit host, Italian Prime Minister Giorgia Meloni said, “We have reached a political agreement to provide additional financial support to Ukraine of approximately $50 billion by the end of the year,”

America President Biden during the joint press conference with Ukrainian President Volodymyr Zelenskyy informed that the G7 deal is another reminder to Russian President Vladimir Putin that world leaders are standing together against his illegal aggression to Ukraine.

G7 leaders are also planning to use the summit to address several other challenges, including the war in the Middle East, trade imbalances with China, artificial intelligence and migration.

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