G7 secures $50 billion plan to rebuild Ukraine with Russian funds
G7 leaders have devised a plan for Russia to finance Ukraine's rebuilding. The G7 countries will lend Ukraine $50 billion, secured by profits from frozen Russian state assets. The funds will be disbursed in 2024, as announced by the Italian presidency of the "Group of Seven" on Friday evening.
12:29 PM EDT, October 27, 2024
A statement released in Rome highlighted that this is a "significant result, fulfilling the commitment made by the G7 during the summit in Borgo Egnazia" in Apulia.
Leaders from Italy, the USA, Canada, Japan, the United Kingdom, France, and Germany noted in the statement: "Our goal is to start disbursing funds this year."
They emphasized that this amount will be allocated for financial and military aid and the reconstruction of Ukraine "in accordance with all legal regulations and systems of the G7 members."
The G7 remains steadfast in its united support of Ukraine's fight for freedom, rejuvenation, and reconstruction, declared the leadership, also assuring their "unwavering commitment" to providing aid for as long as necessary.
"These loans will be serviced and repaid by future extraordinary revenue flows resulting from the immobilization of Russian state assets, in accordance with the legal systems of the G7 and international law. The loan proceeds will be disbursed to support the Ukrainian budget, military aid, and reconstruction assistance, in compliance with applicable law," the G7 countries' leaders decided.
"Time is not on Putin's side"
The statement also reads that "Russia's illegal and unprovoked aggression has caused unimaginable harm to the people of Ukraine and to global peace and security."
"Russia must end its illegal war and pay for the damage caused to Ukraine in accordance with international law. With the substantial amount of funding from the ERA loans allowing Ukraine to meet its urgent needs, we have once again shown our unyielding commitment to supporting Ukraine for as long as necessary. Time is not on President Putin's side," believe the G7 leaders.
The G7, founded in 1975, includes the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada.
