G7 summit opens with $50 billion loan deal for Ukraine using Russian assets as collateral

G7 Summit News

G7 summit opens with $50 billion loan deal for Ukraine using Russian assets as collateral
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The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

From left, European Council President Charles Michel, German Chancellor Olaf Scholz, Canada's Prime Minister Justin Trudeau, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni , U.S. President Joe Biden, Japan's Prime Minister Fumio Kishida, Britain's Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen participate in a working session at the G7, Thursday, June 13, 2024, in Borgo Egnazia, Italy .

Italy, which is hosting the summit, has invited several African leaders — Algerian President Abdelmadjid Tebboune, Kenyan President William Ruto and Tunisian President Kais Saied — to press Italy's development and migration initiatives on the continent. A French official, briefing reporters Wednesday, said a political decision by the leaders had been reached but that technical and legal details of the mechanism to tap into the assets still had to be worked out. The issue is complicated because if the Russian assets one day are unfrozen — say if the war ends — then the windfall profits will no longer be able to be used to pay off the loan, requiring a burden-sharing arrangement with other countries.

As a result, Meloni is likely to be able to steer the three-day meeting to her key priority items as she further cements her role on the world stage, analysts said. One sign of her flexed far-right muscles: Meloni's office denied media reports that Italy was trying to water down language about access to abortion in the final communique.

That includes pushing her migration agenda as Meloni seeks to leverage her program for a nonexploitative relationship with Africa to boost development while curbing illegal migration to Europe.

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