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France, US aim for G7 approval of $50 bn Solidarity Fund for Ukraine

France, US presidents hope all G7 members agree on $50 billion solidarity fund for Ukraine sourced from profits of frozen Russian assets worth around $280 billion.
france us aim g7 approval $50 bn solidarity fund ukraine president joe biden emmanuel macron during press conference élysée palace paris 8 june 2024 screenshot c-span biden-macron
President Joe Biden of the US and Emmanuel Macron of France during a press conference at the Élysée Palace in Paris on 8 June 2024. Screenshot: C-SPAN.
France, US aim for G7 approval of $50 bn Solidarity Fund for Ukraine

French President Emmanuel Macron and US President Joe Biden have expressed their shared hope that all G7 members will agree to establish a $50 billion solidarity fund to support Ukraine, France’s President said on 8 June during their joint press conference in Paris. This proposed fund would be financed by utilizing profits from around $280 billion worth of Russian assets that have been frozen over Moscow’s invasion of Ukraine.

We hope – both hope that all members of the G7 will agree to a $50 billion solidarity fund for Ukraine,” Macron stated, adding: “And in the peace conference in Switzerland, you will be represented there. This will be a critical stage as well. And, of course, the NATO Summit in Washington, D.C.”

According to earlier media reports, a final decision on establishing the fund is expected at the upcoming G7 summit scheduled from 13-15 June.

Macron highlighted France and the US’ decisions to ease restrictions on Ukraine striking Russia with Western-supplied weapons:

“We took joint decisions authorizing Ukraine to fight back, strike its aggressor when defending its territory. We are, of course, making great efforts to arm, train, equip the Ukrainian army.”

Biden echoed Macron’s sentiments, underlining the importance of supporting Ukraine against Russia’s aggression.

“The United States is standing strong with Ukraine. We’re standing with our allies. And we’re standing with France. We will not walk away,” he affirmed.

The two leaders also addressed the broader implications of Russia’s actions, with Biden warning,

“[W]e know what happens if Putin succeeds in […] subjugating Ukraine, [he’s] not going to stop at Ukraine. It’s not just Ukraine; it’s about much more than Ukraine. All of Europe will be threatened, but we’re not going to let that happen.”

Biden noted that a day earlier he announced a new $225 million security assistance package for Ukraine, highlighting the continued commitment of the United States and its allies to support Kyiv in the ongoing Russo-Ukrainian war.

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