G7 announced $50 billion in loans to Ukraine secured by frozen Russian assets

The G7 closed the deal this Wednesday it was released 50 billion dollars in loans to Ukraine, backed by interest earned on frozen Russian assets in Europe, the White House said.

After months of negotiations the G7 members (Germany, Canada, the United States, France, Italy, Japan and the United Kingdom) end the information that allows billions frozen by Russia to be used to attack Ukraine to obtain loans a commitment that aims to support the Government of Kyiv.

“These loans will support the people of Ukraine in defending and rebuilding their country. “Our efforts make it clear: traitors will be held accountable for the damage they cause,” US President Joe Biden said in a statement.

The United States will provide two large value loans 20 billion dollars backed by that Russian money.

White House Deputy National Security Advisor for Economic Affairs, Daleep Singhspecified in a press release that the remaining 30,000 million will be issued by the European Union, the United Kingdom, Canada and Japan.

“The United States will give 20,000 million in aid to Ukraine and its defense, whether it is economic and military aid, or whether it is just economic aid in the end,” explained Singh, who clarified that military aid could only come into effect if he received it. support from Congress.

The White House’s goal is to allocate some $10 billion in new military aid to Ukrainewhich would add to the $61 billion package approved by the US Congress this spring.

“The funds we are using to repay these loans do not belong to Russia under European law. The interests do not belong to Russia,” said Singh.

The agreement announced this Wednesday, which was advanced in June, will use the accumulated interest on $260 billion in Russian assets in the European Union to guarantee that loans will be paid back to Ukraine.

“Make no mistake: Russia will not be involved in this conflict, the people of Ukraine will be. “This is another reminder to (Russian President) Vladimir Putin that the world has rallied around Ukraine and that the United States and our G7 partners will continue to support them every step of the way.” -way,” Biden concluded.

Saturday, the G7 defense ministers They emphasized the need to provide military support to Ukraine and work “to find solutions to create a Ukrainian Army that is interoperable with supporting Member States and NATO.”

At the summit held in the Italian city of Naples, the defense ministers of the US, the United Kingdom, France, Germany, Italy, Japan and Canada reaffirmed their intention to “continue to ‘ support Ukraine, including short-term military aid. “and in the long term”, as indicated in a joint statement with the results of the meeting, which was also attended by the Minister of Defense of Ukraine, Rustem Umiérov.

“We consider it a priority to work now to find solutions to create a Ukrainian army that interacts with supporting member states and NATO, capable of defending itself” from Russia, they said.

All this, they assured, “must be based on coordinated and sustained actions by the relevant state and international actors,” to which they emphasized “the importance of cooperation” with NATO.

“We welcome initiatives aimed at supporting Ukraine’s defense industry and innovation, which is critical to enabling self-defense,” they said.

(With information from EFE)