BARI: Leaders from the Group of Seven (G7) nations recommitted on Friday to support Ukraine “for as long as it takes”, according to a draft statement. This pledge was made during a summit in Italy, where G7 leaders endorsed a new $50 billion loan package for Kyiv, sending a strong message to Russian President Vladimir Putin, AFP reported.
According to a draft statement, the G7 leaders reiterated their solidarity with Ukraine’s quest for freedom and emphasized their commitment to assist in the country’s reconstruction efforts. The $50 billion loan, approved in the presence of Ukrainian President Volodymyr Zelensky, serves as a significant financial lifeline and a clear signal to Putin.
The loan, backed by profits from interest accumulated on Russian central bank assets frozen by Western powers following Moscow’s invasion of Ukraine in February 2022, is intended to be serviced and repaid using future revenues generated from these immobilized assets. The draft statement outlined plans to seek approval in relevant jurisdictions to allocate these extraordinary revenues toward servicing and repaying the loans.
Moreover, the funds will be disbursed through various channels to address Ukraine’s military, budgetary, and reconstruction needs, subject to the respective legal systems and administrative requirements of the participating countries. G7 leaders tasked ministers and officials with expediting the technicalities to initiate the disbursement process before the year’s end.
Leaders from the United States, Germany, France, Canada, Britain, and Japan along with Zelensky attended the summit.
Meanwhile, Putin’s recent remarks indicated a hardened stance, stating that Russia would only halt its offensive on Ukraine if Kyiv meets stringent conditions, including withdrawing troops from the east and south and abandoning its NATO aspirations. Ukraine promptly rejected these demands, reinforcing its call for the withdrawal of Russian forces from its internationally recognized territory, including Crimea.
With no direct peace talks held since the initial weeks of Russia’s military campaign, the conflict shows little sign of abating. Despite Ukraine’s resilience, Russia’s renewed offensive underscores the urgent need for international support as Kyiv endeavors to navigate the challenges posed by manpower and ammunition shortages.
