G7 Summit: Biden, Zelenskyy to sign deal to use Russian cash to help Kyiv

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G7 Summit: Biden, Zelenskyy to sign deal to use Russian cash to help Kyiv - Business Standard

Quick Summary:

President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the US and Ukraine on Thursday when they meet on the sidelines of the Group of Seven summit in Italy, as negotiators for the group have reached an agreement on how to provide Ukraine with up to USD 50 billion backed by frozen Russian assets, two people familiar with the matter said Wednesday.

The international group of wealthy democracies has been discussing ways of using the more than USD 260 billion in Russian assets frozen outside the country after the February 24, 2022 invasion of Ukraine to help Kyiv.

European officials have resisted confiscating the assets, citing legal and financial stability concerns most of the frozen assets are located in Europe but the plan would use the interest earned on the assets to help Ukraine's war effort.