G7 to Finalize $50 Billion Loan for Ukraine

The G7 countries are poised to finalize a framework agreement for a $50 billion loan to Ukraine, expected by October, utilizing revenue from approximately $300 billion in Russian assets frozen in the West due to the ongoing conflict. European Commissioner for Economic Affairs Paolo Gentiloni confirmed that significant progress has been made in the technical and legal aspects of the loan, which was initially agreed upon in principle during a June summit. The funds will be generated from the profits of these frozen assets rather than direct confiscation. Gentiloni expressed optimism about resolving remaining questions during discussions, emphasizing the importance of international support for Ukraine. Most of the frozen assets are held in Europe, raising concerns about the stability of the revenue stream due to the need for periodic sanction renewals. Ukraine's Finance Minister has urged for expedited procedures to access the funds, highlighting the urgency of continued international assistance.