Today, we, the leaders of the Group of Seven (G7), reached an agreement on how to disburse about 50 billion USD in loans to Ukraine as part of the acceleration of the use of extraordinary recipes.
The servicing and repayment of these loans will be secured by future extraordinary revenue streams from the immobilization of Russian state assets in accordance with the respective legal regimes of the G7 members and international law. The loans will be disbursed through multiple channels to support Ukraine’s budget, armed forces and reconstruction assistance in accordance with all applicable laws and the respective legal regimes of the G7 members. Our goal is to start disbursing funds before the end of the year.
We express our deep gratitude to the finance ministers for quickly implementing this historic decision of the G7 leaders by agreeing on a technical solution that guarantees coherence, coordination, fair distribution of loans and solidarity among all G7 partners. We are especially grateful to the EU and its Member States for their constructive participation in achieving this remarkable result.
Today’s announcement confirms that the G7 is delivering on the commitment it made last June at the G7 leaders’ summit in Puglia. Russia’s illegal and unprovoked aggression is causing incalculable damage to the Ukrainian people and to world peace and security. Our determination to give Ukraine the support it needs to prevail will not waver. Russia must end its illegal war of aggression and pay for the damage it has inflicted on Ukraine in accordance with international law.
The G7 continues to resolutely support Ukraine’s struggle for freedom, recovery and reconstruction. With significant funding from extraordinary revenue acceleration loans to meet Ukraine’s urgent needs, we reaffirm our unwavering commitment to support it, even for as long as it takes. Time is not on President Putin’s side.
