International

G7 Summit: Ukraine's Defense and Financial Strategies Unveiled

President of Ukraine, Volodymyr Zelensky anticipates pivotal decisions at the G7 summit in Puglia, Italy, aimed at bolstering his country's defence against Russian forces, as reported by BBC.

Additionally, ahead of his participation in the summit, the Kiev leader will sign new security agreements with the USA and Japan.

"A significant portion of the summit will be dedicated to Ukraine, our defence, and our economic resilience," wrote the Kiev leader in a post on the Telegram network.

Previously, the US government announced progress within the G7 regarding the utilisation of frozen Russian assets to support Ukraine.

The G7 countries - Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States - have provided financial and military assistance to Ukraine since the onset of the Russian invasion. Furthermore, both the G7 and the European Union have frozen Russian assets totaling $325 billion, following the Kremlin regime's commencement of the war in the neighbouring country. Most of these assets are located in Belgium.

Under international law, countries cannot seize these assets from Russia and transfer them to Ukraine; however, these assets generate substantial interest - approximately three billion dollars annually - and Ukraine's allies aim to creatively utilise this interest.

One proposal involves securing loans for Ukraine totaling approximately $50 billion annually, with the interest from these loans funded by the interest generated from Russian assets.

However, from a legal perspective, the plan is highly complex, requiring the G7 and the EU to address numerous technical challenges before implementation.

Translation by Iurie Tataru

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