Conflict in Ukraine - G7 members talk over a billion-euro plan, utilizing funds from Russia.
The topic of Russian funding for Ukrainian weapons is under discussion during the G7 summit in Southern Italy. The US government views recent negotiations over interest payments from frozen Russian state assets as a step in the right direction. A possible decision on this matter may be reached at the gathering of the seven major Western industrial countries.
Ukrainian President Volodymyr Zelensky is among the attendees, and he is expected to sign a bilateral security agreement with US President Joe Biden on the first day of the summit. Other pressing issues on the agenda include the Gaza War, challenging trade relations with China, and immigration. The Pope has been invited for the first time to participate in the round table. Approximately 5,000 security personnel are maintaining order.
Countries included in the Group of Seven are the United States, Canada, Japan, Great Britain, France, Germany, and Italy, which is hosting the event and holds the presidency this year. Chancellor Olaf Scholz represents Germany.
Biden and Zelensky sign a security pact
Ukraine, which has been targeted by Russia, has already inked bilateral security agreements with numerous other nations, including Germany in February. Biden and Zelensky plan to sign a similar accord on the summit's sidelines. Jake Sullivan, National Security Advisor to the US President, confirmed this on a Wednesday briefing. So far, 15 countries have agreed to the same arrangement.
The specifics of the agreement were not revealed. Nevertheless, Sullivan highlighted that it would not entail committing US military forces to defend Ukraine. "It's a pledge that we will ensure that Ukraine can defend itself," he said, calling it a "bridge" to potential NATO membership for Ukraine.
$50 billion aid package for Ukraine
Heads of state and government at the meeting aim to present a new substantial aid package for Ukraine. A senior EU official stated on Tuesday that the plan entails financing a $50 billion loan for Ukraine through interest payments gathered from frozen Russian central bank funds.
Negotiations on this issue are reportedly progressing smoothly, according to Sullivan, who traveled to Italy. Details of the plan haven't been disclosed.
In the EU and in other countries, vast sums of Russian central bank money have been frozen since Russia's attack on Ukraine. Within the European Union, the frozen funds total over 210 billion euros. These funds produce billions in annual interest payments.
Consideration of a Patriot air defense system
Sullivan declined to comment on a news report claiming that the US would provide Ukraine with another Patriot air defense system to enhance its air defense capacity against Russian aerial attacks. However, defense systems are a top priority for Biden, who wishes to provide Ukraine with more air defense systems.
Early implementation of sanctions against Russia
The US government promptly enforced new sanctions against Russia's supporters during the G7 summit, including Chinese companies. The new measures, publicized during last year's G7 gathering in Japan, will make it more challenging for Moscow to obtain goods essential for its military operations. The package targets more than 300 individuals and institutions.
Pope is the guest of honor
Over myriad villas and suites inspired by traditional Apulian style, Italy's right-wing Prime Minister Giorgia Meloni welcomes guests to the luxury resort "Borgo Egnazia." The Pope is set to attend, marking his first time at a G7 summit. The head of the Catholic Church will address the topic of Artificial Intelligence.
G7 summit transitions to Ukraine reconstruction conference in Switzerland
The G7 summit effortlessly transitions to the two-day reconstruction conference for Ukraine in Berlin, where Chancellor Scholz and President Zelensky will partake. Both leaders will then proceed to Switzerland for the Ukraine peace conference, scheduled on Saturday. Around 40 heads of state and government have already registered, with invitations extended to 160 individuals. Additionally, more than 40 high-ranking government representatives are expected to be present.
