G7 sets plan to leverage frozen Russian assets for Ukraine aid

A statement released in Rome emphasised that this is a "significant result, which fulfils the commitment made by the G7 during the summit in Borgo Egnazia" in Apulia.

Leaders of Italy, the USA, Canada, Japan, the United Kingdom, France, and Germany noted in the statement: "Our goal is to start disbursing funds this year."

They emphasised that this amount would be allocated for financial and military aid and for the reconstruction of Ukraine "in accordance with all legal regulations and systems of the G7 members."

The G7 remains steadfast in its united support of Ukraine's fight for freedom, rejuvenation, and reconstruction, declares the leadership, who also assured of their "unwavering commitment" to providing aid for as long as necessary.

"These loans will be serviced and repaid by future extraordinary revenue flows resulting from the immobilisation of Russian state assets, in accordance with the legal systems of the G7 and international law. The loan proceeds will be disbursed to support the Ukrainian budget, military aid, and reconstruction assistance, in compliance with applicable law," the G7 countries' leaders decided.

The statement also notes that "Russia's illegal and unprovoked aggression has caused unimaginable harm to the people of Ukraine and to global peace and security."

"Russia must end its illegal war and pay for the damage caused to Ukraine in accordance with international law. With a large amount of funding from the ERA loans allowing it to meet its urgent needs, we have once again shown our unyielding commitment to supporting Ukraine for as long as necessary. Time is not on President Putin's side," assert the G7 leaders.

The G7, founded in 1975, includes the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada.