G7 leaders agree on US$50B loan for Ukraine using frozen Russian assets

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G7 Summit News

Frozen Russian Assets,Ukraine War,Canada

G7 leaders have agreed to engineer a US$50-billion loan to help Ukraine that would use interest earned on profits from Russia’s frozen central bank assets as collateral.

A Group of Seven summit opened Thursday with agreement reached on a U.S. proposal to back a US$50 billion loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support even as Europe’s political chessboard shifts to the right.

Other guests include Ukrainian President Volodymyr Zelenskyy, Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, fresh off his own election, and Turkish President Recep Tayyip Erdogan. The source, who is not being named because they are not authorized to discuss details publicly, says G7 leaders are finalizing details of the loan.A French official, briefing reporters Wednesday, said a political decision by the leaders had been reached but that technical and legal details of the mechanism to tap into the assets still had to be worked out.

Pope Francis has called for an international treaty to ensure AI is developed and used ethically, acknowledging the promise it offers but emphasizing the grave and existential threats it poses. Located next to an actual archaeological park, Borgo Egnazia features narrow streets, villas, restaurants and a town square complete with a clocktower. A favorite of celebrities, it will be sealed off to outsiders for the duration of the summit.No such five-star accommodations await the 2,000-plus police and Carabinieri forces who have been brought in to provide security.

 

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