World leaders commit to freezing Russian assets until reparations

President of the USA, Joe Biden, and leaders of 30 other countries signed a joint declaration of the G7 and EU countries regarding the reconstruction of Ukraine on Wednesday, reaffirming, among other things, their commitment to freeze Russian assets until Russia pays reparations.

"Today, we show Ukrainians you're not alone, you're not alone in this fight, not alone in the reconstruction that comes after," said President of the USA, Joe Biden, during the ceremony in New York. He also announced that in addition to providing long-term financial support for Ukraine, on Thursday, during President Zelensky's visit to the White House, he will announce a series of actions supporting Ukraine’s military in the long term.

Zelensky emphasised that leaders committed to supporting Ukraine's accession to the EU and noted that Ukraine needs the prompt delivery of the previously announced £38 billion loan financed from profits of frozen Western assets. He stated that the signed document lays the groundwork for the architecture of the country's post-war reconstruction and lasting peace.

During Wednesday’s event, G7 and EU leaders signed a joint declaration to continue economic support for Ukraine, ensure that Russia pays for the damage caused to Ukraine, and that by the end of the year, the G7 summit decision to grant a £38 billion loan to Ukraine based on future profits from frozen Russian assets will be implemented.

"Through our collective support for Ukrainian reconstruction and recovery, we will ensure that Russia fails in its objectives to subjugate Ukraine – and that Ukraine emerges from Russia’s war of aggression with a modernised, vibrant, inclusive society and innovative economy, resilient to Russian threats," wrote the leaders.