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Ukrainian President Volodymyr Zelensky has been officially welcomed by Italian Prime Minister Giorgia Meloni upon his arrival to the Group of Seven (G7) summit, taking place in Italy on June 13.
The agenda of the summit is anticipated to predominantly focus on intensifying the group’s assistance for Ukraine amidst ongoing Russian military pressures.
Zelensky, who has just visited Berlin and is also scheduled to attend a subsequent peace summit in Switzerland, is set to conduct individual discussions with international counterparts, including U.S. President Joe Biden.
During today’s engagements, Zelensky mentioned he plans to execute bilateral security pacts with the United States and Japan.
An important topic for the gathering of the world’s most prosperous democracies is directing Russian-frozen assets towards Ukraine’s recovery.
The G7 leaders seem to have established consensus over Russian funds after enduring prolonged negotiations between the United States and European countries.
The French leadership disclosed on June 12 that the alliance has reached a pact to provision Ukraine with $50 billion-
In accordance with these developments, an international fund appears to be in the works, possibly orchestrated by global institutions such as the World Bank, configured through “Extraordinary Revenue Acceleration” (ERA) loans.
Although Western nations have effectively immobilized $300 billion worth of Russian assets, their direct utilization is confined to the yearly income they generate, estimated to be around $3.2 billion.
Establishing a mechanized fund with ERA loans allows countries to extend more expeditious financial aid to Ukraine, well beyond the annual yield.
G7 determines $50 billion from frozen Russian capital to be transferred to Ukraine’s support budget
“An agreement is in place,” confirmed a member of the French presidential office in anticipation of the Italy-hosted summit that kicked off on June 13.
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FAQs about President Zelensky’s Participation at the G7 Summit
Why is President Zelensky attending the G7 Summit?
Zelensky is attending the G7 Summit for discussions aimed at increasing support from the world’s wealthiest democracies to help Ukraine amid the Russian conflict.
Will any agreements be signed during the summit?
President Zelensky has planned to sign bilateral security agreements with the United States and Japan during his visit to the summit.
What is the main financial arrangement to support Ukraine discussed at the summit?
The G7 leaders have agreed to allocate $50 billion from profits generated by frozen Russian assets to support Ukraine, as part of the financial assistance for the country.
How will the financial support for Ukraine be managed?
The financial support for Ukraine is expected to be managed through an international fund, possibly under the administration of the World Cath Bank.
What is the sum of frozen Russian assets that Western countries have access to?
Western countries have access to the income generated by the $300 billion in frozen Russian assets, which is approximately $3.2 billion annually.