Zelensky expects 'important decisions' on Ukraine at G7 summit

Zelensky expects 'important decisions' on Ukraine at G7 summit

Ukraine's President Volodymyr Zelensky says he expects "important decisions" at the G7 summit of leaders from seven of the world's richest nations to help his country fight invading Russian forces. "A large part will be devoted to Ukraine, our defence and economic resilience," he said in a post on Telegram. The White House says the G7 has made good progress on a US plan to use frozen Russian assets to raise $50bn (£39bn) a year for Ukraine. Mr Zelensky, who is at the summit in Puglia, southern Italy, on Thursday signed a security deal with Japan. A similar agreement is expected with the US. https://ichef.bbci.co.uk/news/800/cpsprodpb/16db/live/2c464af0-2988-11ef-87fa-0b5bc4da7c72.jpg.webp The G7 nations of Canada, France, Germany, Italy, Japan, the UK and US have been important financial and military supporters of Ukraine since Russia's full-scale invasion in 2022. The Russian assets that were frozen by the group, alongside the EU, when Moscow invaded Ukraine amount to $325bn. Most of the assets of the Central Bank of Russia are being held in Belgium. Under international law, countries cannot confiscate those assets from Russia and give them to Ukraine. But the pot is generating a lot of interest - about $3bn a year - so the idea is to use that interest in a creative way. The plan is to take out a loan on the international markets, give about $50bn to the Ukrainians each year, and use the $3bn to pay off the interest on that loan each year. But there are still lots of technicalities to sort out. President Biden's security adviser Jake Sullivan says the "major tentpoles" of the plan have been decided and that a good outcome is likely. In recent weeks Russian officials have spoken about the idea of taking the interest from seized assets as "theft", threatening to retaliate. The G7 nations of Canada, France, Germany, Italy, Japan, the UK and US have been important financial and military supporters of Ukraine since Russia's full-scale invasion in 2022. The Russian assets that were frozen by the group, alongside the EU, when Moscow invaded Ukraine amount to $325bn. Most of the assets of the Central Bank of Russia are being held in Belgium. Under international law, countries cannot confiscate those assets from Russia and give them to Ukraine. But the pot is generating a lot of interest - about $3bn a year - so the idea is to use that interest in a creative way. The plan is to take out a loan on the international markets, give about $50bn to the Ukrainians each year, and use the $3bn to pay off the interest on that loan each year. But there are still lots of technicalities to sort out. President Biden's security adviser Jake Sullivan says the "major tentpoles" of the plan have been decided and that a good outcome is likely. In recent weeks Russian officials have spoken about the idea of taking the interest from seized assets as "theft", threatening to retaliate.