The G7 leaders disclosed the details of the loan to Ukraine for $50 billion from the assets of the Russian Federation
The leaders of the “Group of Seven” (G7) at the summit adopted a declaration that details the mechanism of providing Ukraine with up to 50 billion dollars of financial assistance through the use of frozen Russian assets.
About this it is said in the communiqué of the leaders following the G7 summit in Italy.
The declaration emphasizes that Russia has caused damage to Ukraine in the amount of more than 486 billion dollars, which it is obliged to compensate. To support Ukraine in repelling Russian aggression and further recovery, the G7 will begin providing loans to Ukraine through the Extraordinary Revenue Acceleration (ERA) mechanism.
The ERA provides for the use of extraordinary proceeds from frozen Russian sovereign assets in the EU and other jurisdictions. These assets will remain frozen until Russia ceases aggression and compensates Ukraine for all damages.
Funding provided through the ERA will be directed toward Ukraine’s military, fiscal, and reconstruction needs. The coordination of this process will be carried out by the Interdepartmental Donor Coordination Platform for Ukraine.
The G7 leaders tasked their ministers and government officials to ensure timely implementation of these commitments so that the ERA begins disbursing funds by the end of the year.
