G7 agrees on US$50 billion loan deal to support Ukraine with Russian assets

Italian Prime Minister Giorgia Meloni, Japanese Prime Minister Fumio Kishida, Canadian Prime Minister Justin Trudeau, US President Joe Biden, European Commission President Ursula von der Leyen and World Bank President Ajay Banga attend a Partnership for Global Infrastructure and Investment event, on the first day of the G7 summit, in Savelletri, Italy, on Jun 13, 2024.

Calling the frozen asset agreement a"significant outcome", Biden told reporters it was"another reminder to Putin that we're not backing down". The technical details will be finalised in the coming weeks, with the new cash expected to reach Kyiv by the end of this year thanks to contributions from all G7 states - the United States, Canada, Britain,

Russia regards attempts by the West to take income from its frozen assets as criminal, foreign ministry spokeswoman Maria Zakharova said on Thursday, adding that Moscow's response would be very painful for the European Union. In addition, they called on Israel to refrain from a full-scale offensive in the southern Gaza city of Rafah,"in line with their obligations under international law".

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