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White House: G7 to ‘hopefully’ seal Ukraine funds deal at Italy summit

The White House announced that the G7 has made significant progress in discussions about utilizing frozen Russian assets to support Ukraine.

A final agreement is expected to be reached during the upcoming summit in Italy, where leaders, including US President Joe Biden, will meet with Ukraine’s President Volodymyr Zelenskyy. National Security Advisor Jake Sullivan expressed optimism about achieving a consensus on the matter when leaders convene.

“There has been substantial progress in the talks among G7 delegations to finalize an agreement,” Sullivan stated to reporters accompanying Biden on Thursday. “We anticipate that by the time leaders meet today, a shared vision on the path forward will be established.”

The proposed deal involves a $50 billion loan to Kyiv, secured by future profits from the interest on 300 billion euros ($325 billion) of Russian central bank assets frozen since the February 2022 invasion. However, Sullivan noted that some details, such as the number of countries contributing and the specific financial mechanisms, are still being negotiated.

“The Italian presidency of the G7 has played a crucial role in uniting everyone at the table,” Sullivan remarked. “While we have agreed on the main elements, certain specifics will be refined by experts according to a set timetable.”

Additionally, Biden is scheduled to meet separately with Zelenskyy on the sidelines of the G7 summit on Thursday to sign a bilateral US-Ukraine security agreement and hold a joint press conference.

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