Conflict in Ukraine - USA Reveals Advancement in Dialogue on Russian Finances at G7 Meeting
The US administration is getting closer to reaching a deal on utilizing frozen Russian government funds to aid Ukraine. Jake Sullivan, the National Security Advisor, stated just before the commencement of the G7 summit in southern Italy that great progress has been made in reaching an agreement. Hopefully at the leaders' meeting, there will be a united vision for future actions. "We are on the brink of a good outcome."
The heads of state and government of the G7 nations are convening in southern Italy until Saturday. Ukraine might receive a substantial financial package at this gathering. As a high-level EU official had mentioned prior to the event, an agreement to loan 50 billion dollars (approximately 47 billion Euros) to Ukraine with interest from frozen Russian state assets is being considered at the summit. Sullivan declined to divulge any specifics at the moment.
The Group of Seven consists of the US, Canada, Japan, UK, France, Germany, and Italy (which is hosting this year and is presiding). Chancellor Olaf Scholz will represent Germany.
Biden and Zelensky are planning to sign a security pact
Ukraine, which has been assaulted by Russia, has already inked bilateral security agreements with various countries—including with Germany back in February. Now Biden and Zelensky want to sign an agreement with the US on the summit's fringe. Sullivan, the National Security Advisor to Biden, announced this on Wednesday. Thus far, 15 nations have struck such agreements.
Sullivan didn't elaborate on the specifics. However, he underscored that the agreement wouldn't include any pledge to utilize US military forces to defend Ukraine. "It's a commitment that we will ensure Ukraine can defend itself." Biden's advisor stated that the agreement would function as a bridge towards the possibility of Ukrainian NATO membership.
A sizable aid package for Ukraine is in the works
The leaders of these powerful democracies and industrialized nations desire to unveil a sizable aid package for Ukraine in southern Italy. According to a high-ranking EU official on Tuesday, it's anticipated to be decided at the summit to finance a 50 billion dollar (about 47 billion Euro) loan for Ukraine with interest through the utilization of frozen Russian state assets.
The discussions on this are progressing well, said Sullivan during a flight to Italy. He didn't wish to provide any further details yet.
Within the EU and other countries, Russian central bank funds have been mostly frozen since Russia invaded Ukraine. The total amount of frozen funds is situated within the European Union: approximately 210 billion Euros, as per commission data. The idle money accrues billions in interest payments annually.
Will the US furnish a second Patriot air defense system to Ukraine?
Sullivan did not provide comment on a media report stating that the US may provide Ukraine with an additional Patriot air defense system to strengthen its defense against Russian airstrikes. This is one of Biden's top priorities, as he wants to provide Ukraine with more air defense systems.
The US government announced new sanctions against Russian backers at the G7 meeting — including Chinese companies. With the publication of new sanctions, the US administration also announced the G7 summit in Japan last year, making it incredibly difficult for Moscow to access goods vital on the battlefield. The package aims at more than 300 people and organizations.
Il Papà arriva in onore
Italy's right-wing Prime Minister Giorgia Meloni extends a welcome to her guests at the luxury resort "Borgo Egnazia," featuring 28 villas and 63 suites or rooms in a traditional Apulian style. The Pope is anticipated to be present there. For the first time, a Pope will take part in a G7 summit. The head of the Catholic Church is expected to address the topic of Artificial Intelligence.
The G7 summit is followed by a reconstruction conference for Ukraine in Berlin. On Saturday, Scholz and Zelenskyy will proceed to the Ukraine peace conference in Switzerland, where according to the Swiss government, around 40 heads of state and government are expected to be present. Invited were close to 160 individuals. Moreover, more than 40 other high-ranking government representatives are expected to attend.
