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G7 leaders study new financial plan for Ukraine

The summit of leaders proposed using the interest generated by the $300 billion in frozen Russian assets as collateral for a $50 billion loan.

El presidente Joe Biden y la primera ministra italiana Giorgia Meloni en el G7

(Cordon Press)

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The leaders of the world's seven largest economies met this Thursday in Italy for a new G7 summit. Hosted by Giorgia Meloni, Italian Prime Minister, those attending the meeting - Joe Biden among them - proposed new measures to support Ukraine.

Among these measures, an ambitious new financial aid plan for the Zelensky Government in its fight against the Russian armed forces stands out. This program proposes using the interest generated by the $325 billion in frozen Russian assets after the invasion in 2022. They would serve as collateral for a new loan of $50 billion for the Zelensky Government.

There is no agreement yet, but it seems like a serious initiative that has made "good progress," according to National Security Advisor Jake Sullivan, in statements reported by AFP. However, other members of the G7 are considering what would happen if Russian assets were unfrozen, as a consequence or condition of a hypothetical peace agreement or truce between Russia and Ukraine.

Along with this, the White House once again reiterated the need for new sanctions against Russia. This Wednesday, the State Department announced new measures to enhance the capabilities of the Russian war economy. It involves "the designation of more than 300 individuals and entities for allowing Russia to continue its illegal war." The sanctions affect Turkey, Russia, China and the United Arab Emirates, among others.

Security agreements between Ukraine, the United States and Japan

Volodymyr Zelensky wrote through his Telegram account that "a large part (of the summit) will be dedicated to Ukraine, our defense and our economic resilience. We hope that important decisions will be made today."

With this he referred to progress in the signing of security agreements between Ukraine, Japan and the United States. This agreement could mean new shipments of weapons and military material to Ukraine, with the participation of Japan. It could also propose training agreements, especially for Ukrainian air force pilots.

Truce in Gaza

The G7 leaders also discuss the situation in Gaza, waiting for a ceasefire to be implemented in accordance with the resolution approved last Monday by the United Nations Security Council.

American diplomacy reported yesterday that, despite Israel accepting the ceasefire, Hamas has not yet given the green light to the agreement. According to Jake Sullivan, Palestinian Islamists presented amendments to the agreement that are not feasible at the moment, such as the immediate and total withdrawal of all Israeli forces from Gaza.