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G7 to extend $50b loans to Ukraine using Russia assets

Italy's Prime Minister Giorgia Meloni (C) poses with Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, US President Joe Biden, Japanese Prime Minister Fumio Kishida after a flags ceremony with paratroopers at Borgo Egnazia Golf Club San Domenico during the G7 Summit hosted by Italy in Apulia region, on June 13, 2024 in Savelletri. (AFP)
Italy's Prime Minister Giorgia Meloni (C) poses with Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, US President Joe Biden, Japanese Prime Minister Fumio Kishida after a flags ceremony with paratroopers at Borgo Egnazia Golf Club San Domenico during the G7 Summit hosted by Italy in Apulia region, on June 13, 2024 in Savelletri. (AFP)
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14 Jun 2024 02:06:09 GMT9
14 Jun 2024 02:06:09 GMT9

FASANO (Italy): Leaders of the Group of Seven major powers Thursday reached a basic agreement to extend 50 billion dollars in loans to Ukraine by year-end utilizing proceeds from frozen Russian assets.

The leaders of Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union agreed on the matter on the first day of their annual gathering in Puglia, southern Italy, according to a senior US official.

The agreement has drawn strong opposition from Russia.

In the summit, Ukrainian President Volodymyr Zelenskyy joined discussions on his country, asking for further military and financial assistance so that Ukraine can keep fighting Russia’s military aggression.

The G-7 leaders confirmed their policy of maintaining support for Ukraine and sanctions against Russia. Emerging from the session, Zelenskyy said he had gained clear support.

Japanese Prime Minister Fumio Kishida announced a plan to host an international conference on removal of landmines in Ukraine next year. He also said Tokyo will consider imposing sanctions on Chinese and other organizations help stop Russia’s evasion of sanctions through third countries.

Regarding the fighting between the Israeli military and the Palestinian militant group Hamas in the Gaza Strip, the G-7 leaders discussed the ceasefire plan recently announced by US President Joe Biden.

The G-7 leaders are expected to urge both Israel and Hamas to accept the plan. Kishida stressed that “all parties concerned must accept it.”

At the summit, the G-7 leaders will underscore their solidarity in addressing global problems. A leaders’ statement will be released following the conclusion of discussions Friday.

First-day talks revolved around the themes of Africa, climate change and development. In light of the rapid increase in immigrants from Africa that Europe is facing, the G-7 leaders considered measures to deal with climate change, which affects food production and worsens natural disasters, and delays in development that are leading to emigration. They agreed to work closely on the issues.

“We need to listen to African voices more than ever,” Kishida was quoted as telling his G-7 counterparts. “It’s necessary to establish a framework in which major economies other than developed countries also contribute.”

JIJI Press

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