G7 to establish Ukraine aid fund from Russian assets

G7 nations plan to establish a fund to support Ukraine long-term, financed by revenue from frozen Russian assets, Japanese outlet Nikkei reported on June 11.

The fund will be administered by the World Bank.

According to the report, the United States will contribute $50 billion to the fund, with the UK, Canada, and Japan likely to follow suit.

Crucially, the assistance will not put additional debt burden on Ukraine, since it will be provided on a grant basis.

G7 leaders plan to announce the agreement in a joint statement at the summit in Italy, starting June 13.

U.S. Secretary of State Antony Blinken previously stated that Washington, along with the EU, is exploring legal mechanisms to direct $300 billion of Russian assets frozen in the West for Ukraine’s reconstruction and other needs.

Read also: Macron and Biden seek G7 support for $50 billion Ukraine fund

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