HomeGlobal Defence UpdatesG7 says to back Ukraine 'as long as it takes': draft statement

G7 says to back Ukraine ‘as long as it takes’: draft statement

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G7 leaders recommitted Friday to support Ukraine “for as long as it takes”, according to a draft statement from a summit where they agreed a new $50 billion loan for Kyiv.

“We are standing in solidarity to support Ukraine’s fight for freedom and its reconstruction for as long as it takes,” said the draft from the Italy talks, seen by AFP.

It said the $50 billion loan — agreed in the presence of Ukraine President Volodymyr Zelensky — sent “an unmistakable signal to (Russian) President Vladimir Putin”.

The loan will be backed by profits from the interest accrued on Russian central bank assets frozen by Western powers after Moscow’s February 2022 invasion of Ukraine.

“The G7 intends to provide financing that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilisation of Russian sovereign assets held in the European Union

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and other relevant jurisdictions,” the draft statement said.

“To enable this, we will work to obtain approval in these jurisdictions to use future flows of these extraordinary revenues to service and repay the loans.”

It said the money would be disbursed through “multiple channels that direct the funds to Ukraine’s military, budget, and reconstruction needs — within the constraints of our respective legal systems and administrative requirements”.

The leaders tasked ministers and officials to start working on the technicalities to start providing the funds to Ukraine before the end of the year.

Zelensky was invited to join a special summit session on the Ukraine war on Thursday alongside the leaders of the United States, Germany, France, Canada, Britain and Japan.

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