G7 Agrees to Use $50 Billion in Frozen Russian Assets to Fund Ukraine

G7 Agrees to Use $50 Billion , in Frozen Russian Assets , to Fund Ukraine.

'The Independent' reports that G7 leaders reached a deal to repurpose profits from frozen Russian assets worth about $50 billion to support Ukraine.

'The Independent' reports that G7 leaders reached a deal to repurpose profits from frozen Russian assets worth about $50 billion to support Ukraine.

The decision was made after Ukrainian President Volodymyr Zelensky said he expected the group to make some "important decisions" at the summit in Italy.

G7 members agreed to provide funds with profits earned on Russia's frozen central bank assets, most of which are held by the European Union, as collateral.

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G7 members agreed to provide funds with profits earned on Russia's frozen central bank assets, most of which are held by the European Union, as collateral.

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Leaders expressed that the agreement was meant to show unity in the face of Russian aggression in Ukraine.

It’s a very strong message to Putin that Putin cannot outlast us, and we will stand by Ukraine as long as it takes, Ursula von der Leyen, European Commission president, via 'The Independent'.

It is not European taxpayers that are paying for the Russian damage [in Ukraine] but it is Russia, Ursula von der Leyen, European Commission president, via 'The Independent'.

'The Independent' reports that the measure relies upon dividends and maturities from approximately $300 billion in assets frozen when Russia invaded Ukraine in 2022.

'The Independent' reports that the measure relies upon dividends and maturities from approximately $300 billion in assets frozen when Russia invaded Ukraine in 2022.

The decision comes as a major boost for Ukraine as Kyiv fights through a grueling 2024 against a better-equipped Russia.

Finally, we see the first step of fairness in making sure that the aggressor, and not the good people from countries that support us, are paying for Ukraine’s victory, Kira Rudik, Opposition leader in Kyiv’s parliament, the Verkhovna Rada, via 'The Independent'.

We applaud this step.

We hope that it is only the first of many more steps.

And we will use this money wisely, Kira Rudik, Opposition leader in Kyiv’s parliament, the Verkhovna Rada, via 'The Independent'