G7 aims to use frozen Russian assets to help 'desperate' Ukraine

A general view of the Grand Hotel et des Iles Borromees where the G7 Finance Minister and Central Bank Governors' Meeting will take place, in Stresa, Italy, on May 23, 2024. for war-torn Ukraine, finance chiefs from the Group of Seven industrial democracies said on Saturday , but offered no details of how to do so.

The United States has been pushing its G7 partners - Japan, Germany, France, Britain, Italy and Canada - to back a loan that could provide Kyiv with as much as US$50 billion in the near term. G7 negotiators have been discussing for weeks how to best exploit the assets, which are mostly held in European-based depositories, and all the European Union's 27 countries will have to sign off on any agreement.The G7 ministers and central bankers were joined on Saturday by Ukraine's Finance Minister Serhiy Marchenko, whose country is struggling to contain a Russian offensive in the north and the east, more than two years after Moscow first invaded.

The latest US proposal is that Washington could provide a lump sum loan to Ukraine, to be paid back through the revenue stream from these assets, a G7 official said."We express concerns about China's comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience," the statement said.

Source: News Formal (newsformal.com)

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