Group of Seven (G7) leaders announced on Thursday that they have officially agreed to provide Ukraine with a $50 billion loan by the end of 2024.
This decision marks a significant commitment to support Ukraine’s defense of its sovereignty amidst ongoing conflicts.
Funds to be sourced from profits of confiscated Russian assets
German Chancellor Olaf Scholz emphasized the historic nature of the support, stating,
As the G7 we are mobilizing $50 billion for Ukraine – to defend its sovereignty. A historic step.
The loan will be sourced from the profits generated and accumulated from confiscated Russian assets, rather than the assets themselves, as clarified by Italian Prime Minister Giorgia Meloni.
Strong signal of support for Ukraine’s fight for freedom
European Commission President Ursula von der Leyen highlighted the importance of the agreement, noting,
It is a strong signal that we are sending to Ukraine that we will support Ukraine in its fight for freedom for as long as it takes.
This substantial financial assistance underscores the G7’s commitment to standing by Ukraine during this critical period.
Zelenskiy warns of global threat, sees agreement as path to NATO
Ukrainian President Volodymyr Zelenskiy has warned that Russia poses a “real global threat,” stressing the importance of the security agreement between Ukraine and the US.
Zelenskiy described the agreement as a crucial step towards ensuring sustainable peace, benefiting the global community. He also noted that this agreement serves as a “bridge” to Ukraine’s future membership in NATO.
Biden underscores US commitment to Ukraine’s defense
US President Joe Biden reinforced the commitment to ensuring lasting peace for Ukraine, which must be underpinned by Ukraine’s ability to defend itself now and deter future aggression.
Biden outlined the US’s comprehensive support plan, which includes sending American troops, funding new weapons and ammunition, expanding intelligence sharing, continuing training of Ukrainian troops in bases across Europe and the US, and investing in Ukraine’s defense industrial base.
Comprehensive support strategy from the US
The US commitment extends beyond immediate military aid. Biden emphasized that the US will continue to support Ukraine by investing in its defense capabilities, ensuring the country can defend itself and deter future threats.
This comprehensive approach aims to provide Ukraine with the necessary tools and training to maintain its sovereignty and security in the long term.
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