The G7 countries agree with the US’ plan to use frozen Russian assets. The move would provide Ukraine with up to $50B in financing and help protect it from political shifts on both sides of the Atlantic.
Officials familiar with the discussions say that the G7 governments generally support the US proposal. Finance ministers will discuss the issue when they meet this week in Stresa, Italy, to agree on a range of options to present to their countries’ leaders to decide upon at a June 13-15 meeting.
While the G7 is closing in on the general issues of the agreement, many important details are still being discussed and need to be agreed upon. These include the exact mechanism of the loan, the amount that will be raised in advance, and how the risk will be shared between the parties involved.
On May 23, US Treasury Secretary Janet Yellen called on colleagues from the G7 countries to work on “more ambitious options” for using frozen Russian assets to help Ukraine.