G7 leaders agree to loan Ukraine money backed by profits from frozen Russian investments as Biden pledges US support

CNN —

Group of Seven leaders have reached an agreement to loan money to Ukraine backed by the profits from frozen Russian investments, a senior administration official confirmed Thursday.

The United States and its G7 contemporaries have placed a high value on showing their support for Ukraine during this year’s summit, which is taking place in Italy. While Ukraine is not a G7 member, its president, Volodymyr Zelensky, attended the summit and participated in a Thursday evening joint news conference with Biden.

“Would we stand with Ukraine?” Biden said at the news conference. “Would we stand for sovereignty, freedom, and against tyranny? The United States, the G7 and countries around the world have consistently answered that question by saying yes we will. We will say it again … we’re going to stand with Ukraine.”

The leaders will soon issue a joint communiqué, the product of “years” of negotiation complicated by a patchwork of jurisdictional laws that required the direct involvement of Biden and national security adviser Jake Sullivan, among other top US officials.

“When you have a commitment at the highest political levels, technocrats act and technical details get worked out,” the official said.

“There was shared recognition here in Puglia by every G7 member that the situation on the battlefield remains difficult, and that if the war continues, Ukraine is still going to have a large financial need next year and beyond, and that this summit is our best chance to act collectively to close the gap,” the senior official said.

The official added that it’s “only fair that we close the gap by making Russia pay, not our taxpayers, and we found a way to do so that respects the rule of law in every jurisdiction.”

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