G7 leaders agree to transfer $50 billion from Russian assets to Ukraine – AFP
Illustrative photo: Depositphotos

Leaders of the G7 countries have agreed to unlock $50 billion for Ukraine by the end of 2024, AFP reported, citing French sources.

Stay updated with the latest news by following us on X (Twitter)

This $50 billion will come from the profits of frozen Russian assets, which total approximately $280 billion.

The final decision will be made during the meeting of the leaders of the countries on June 13-15.

The Japanese newspaper Nikkei, citing its sources, described the allocation of these funds as follows: the G7 plans to create a new fund to support Ukraine, using future revenues from frozen Russian assets.

The money is expected to be given in the form of grants, which means it will not have to be repaid, according to the publication.

Bloomberg reported at the end of May that the G7 countries had reached an agreement on the allocation of these $50 billion.

On June 8, French President Emmanuel Macron said that he and US President Joe Biden hoped that all G7 countries would agree to such a fund for Ukraine.

Read also: 90% of revenues from frozen Russian assets to go to weapons for Ukraine, but problem exists – Borrell