The G7 will conclude a framework agreement on providing Ukraine with a $50 billion loan, which will be serviced using income from Russia's frozen assets, by October. This was stated by the European Commissioner for the Economy Paolo Gentiloni, Reuters reports.
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Speaking to journalists on the sidelines of the G20 meeting of finance ministers and central bank governors in Rio de Janeiro, Gentilone said that significant progress had been made in the technical and legal aspects of the loan agreed in June.
“I think we are making very good progress, not only technically but also politically. We just met yesterday on this emergency loan for Ukraine,” he said, referring to a meeting of G7 ministers ahead of G20 financial meetings on Thursday.
The $50 billion loan will be serviced by proceeds from about $300 billion in Russian central bank assets frozen in the West after Russia’s full-scale invasion of Ukraine.
While there is no unanimous support among the G7 for confiscating the Russian assets, there is agreement that the profits the assets generate could be used.