NewsG7 summit targets Russian assets to aid Ukraine's recovery

G7 summit targets Russian assets to aid Ukraine's recovery

Joe Biden and Emmanuel Macron
Joe Biden and Emmanuel Macron
Images source: © Getty Images | 2024 Antoine Gyori - Corbis

6:39 AM EDT, June 12, 2024

The G7 summit in Italy, which Ukrainian President Volodymyr Zelensky will attend, is approaching. Aid for Ukrainians, who have been defending themselves against Russian aggression for over two years, will be one of the main topics of discussion. New sanctions against the Kremlin are being prepared.

The three-day G7 summit will begin on Thursday (June 13) in Apulia, southern Italy. The U.S. National Security Council spokesman, John Kirby, announced that the leaders "will announce new steps to unlock the value of the immobilized Russian sovereign assets to benefit Ukraine and help them recover."

G7 summit in Italy

The White House representative added that a decision on new sanctions and export controls targeting entities supplying and enabling supplies for the Russian defense industry and other sectors of Russia's economy will be made during the summit.

Kirby did not disclose whether the announcement regarding Russian assets will be related to the U.S. initiative for issuing special bonds secured by future profits generated by frozen Russian assets worth around $300 billion.

The U.S. official emphasized that the decision on this issue would be unanimously made by the G7 countries: the USA, Japan, Germany, the United Kingdom, France, Italy, Canada, and the European Union.

White House comments on European Parliament election results

Kirby also referred to the results of the European Parliament elections and French President Emmanuel Macron's decision to call early parliamentary elections in the country. The National Security Council spokesman assured that regardless of the EP composition, Washington's cooperation with the European Union, including support for Ukraine, will continue.

The White House representative also expressed expectations that European Commission President Ursula von der Leyen would remain in her position for a second term and expressed happiness at the prospect of continued cooperation. Regarding Macron's decision, Kirby emphasized that France is the USA's oldest ally and Washington "will always work with whoever the French people decide to elect as their representatives."

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