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G7 leaders agree to loan Ukraine money backed by profits from frozen Russian investments as Biden pledges US support - KTVZ

G7 leaders agree to loan Ukraine money backed by profits from frozen Russian investments as Biden pledges US support - KTVZ
By Betsy Klein and Michael Williams, CNN (CNN) — Group of Seven leaders have reached an agreement to loan money to Ukraine backed by the profits from frozen Russian investments, a senior administration official confirmed Thursday. The United States and its G7 contemporaries have placed a high value on showing their support for Ukraine during

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G7 leaders have agreed to provide a loan to Ukraine backed by the profits from frozen Russian investments, as confirmed by a senior administration official. The United States and its G7 counterparts have expressed strong support for Ukraine during this year's summit in Italy. President Biden reaffirmed the commitment to stand with Ukraine and signed an agreement vowing lasting US support for Ukraine's defense. The loan will be drawn from funds frozen by Western leaders after Russia's invasion of Ukraine in 2022, with negotiators focusing on a loan amount of about $50 billion. The agreement reached in Italy on Thursday would free up funds in Europe that would not be hampered by further political bickering in the United States. The next steps involve enshrining the commitments with the EU 27 and writing contracts between lenders, recipients, and intermediaries. Additionally, G7 leaders have committed to keeping the assets immobilized until Russia pays for the damages it has caused.

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