Scholz: G7’s $50 billion Ukraine aid deal sends clear message to Putin

German Chancellor Olaf Scholz said that the G7 plans to provide around $50 billion in financial support to Ukraine, utilizing frozen Russian assets, sends a clear signal to Russian President Vladimir Putin. Italy is hosting the G7 summit on 13 June, with Ukrainian President Volodymyr Zelenskyy in attendance, where G7 members have agreed to a US proposal to support a $50 billion loan to Ukraine, utilizing proceeds from around $300 billion in confiscated Russian funds. The US proposal aims to assist Ukraine in its struggle against Russian aggression by utilizing interest earned on Russia’s central bank assets. Most of these assets are held within the European Union. According to US and French officials, the money could reach Kyiv in 2024. They confirmed the agreement before a formal announcement. According to Reuters, Scholz said at the annual G7 summit in Italy, "This is a very clear commitment that should embolden the Ukrainians to do what they need to defend their independence and sovereignty."

"And it is also a clear signal to the Russian President, that he can't just sit this out and hope that fiscal problems in a country that backs Ukraine will one day let him win this war,” Scholz said.

Scholz emphasized the historical significance of the step, saying, "This is a very historic step that we are taking today." Scholz directly addressed Putin's expectations: "The Russian president miscalculated by expecting that international support for Ukraine would diminish over time." The first Global Peace Summit will begin in Switzerland on 15 June. Zelenskyy called the participation of the G7 countries in the event “a real step towards a just peace” for Ukraine and Europe.

“I hope for your support in implementing the steps we have developed. And I also hope that the unity between the partners will remain on 25 June, when we expect the negotiating framework with the EU to be adopted,” he stated.

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