G7 agrees to lend Ukraine $50 billion from interest on frozen Russian assetsExBulletin

Ukrainian President Volodymyr Zelenskyy was received by Italian Prime Minister Giorgia Meloni at the G7 Summit on June 13.

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Western leaders have agreed to lend Ukraine up to $50 billion to fight Russia and rebuild after the long war, money to be paid back over time from interest accrued on frozen Russian financial assets, the a senior US official told reporters.

G7 leaders are still working out the details of how and when exactly the money will be distributed. Negotiations were at the top of the agenda for the G7 leaders' summit in Puglia, Italy.

What are Russian frozen assets and how much are they worth?

When Russia invaded Ukraine in 2022, Western governments froze about $300 billion in Russian assets, including cash, securities, gold and bonds held mostly in banks in Europe.

The leaders of the G7 economies have agreed to use the interest generated by the assets of about 3 billion dollars a year to help Ukraine.

When will Ukraine receive the loan?

Some of the details are still being worked out. The United States and European countries have different proposals for distributing the money.

Scheherazade Rehman, a professor of international finance at George Washington University, explained it in simple terms.

The Europeans want to transfer them to Ukraine every year or every two years, so spread it out. The Americans, however, want to find a way to get this money very quickly to Ukraine immediately, Rehman said.

The European proposal was that about $3 billion a year would go to Ukraine, and only the interest from a certain portion of the $190 billion in frozen Russian assets held by a company called Euroclear in Belgium would be shared.

The United States, on the other hand, wanted to give $60 billion to Ukraine up front because Ukraine's need on the battlefield is dire. Officials had said that the interest generated by the frozen Russian assets would go towards returning that money.

Rehman said Washington has the weaker hand in the debate because only about $5 billion of the $300 billion in Russian assets are held in the United States, and European countries are worried about how they will be paid for a large initial sum.

A boy dances next to a destroyed Russian self-propelled gun in Mykhailivska Square in central Kyiv on June 11.

Anatolii Stepanov/AFP via Getty Images/AFP

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The agreement is likely to be some sort of compromise between the European and American proposals. But Rehman said recent elections in countries such as France and Germany could also influence the discussions.

Europeans really need to get their act together at this G7 meeting, because they are on shaky ground just because of the European parliamentary elections that just took place, where the hard right has now gained a historic foothold, said she.

The Europeans are going into this on a very different footing than they were 10 days ago.

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