G7 discuss billion-euro package for Ukraine – with money from Russia
Published: Thursday, Jun 13th 2024, 04:50
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Russian money for Ukrainian weapons. At the G7 summit in southern Italy on Thursday, the heads of state and government will discuss how this can be made possible. The US government believes that negotiations on the use of interest income from frozen Russian state assets are well underway - and a decision on the issue could be made at the meeting of the seven major Western industrialized nations. US President Joe Biden and his Ukrainian counterpart Volodymyr Zelenskyi are expected to sign a bilateral security agreement on the sidelines of the first day of the summit.
The Russian war of aggression is one of the central topics at the three-day summit in the luxury hotel "Borgo Egnazia". The Gaza war, the difficult trade relations with China and migration are also on the agenda. In addition to Selenskyj and others, the Pope has also been invited to the summit for the first time. Around 5000 security forces are deployed.
The Group of Seven includes the USA, Canada, Japan, the UK, France, Germany and Italy, which is hosting and chairing the event this year. Federal Chancellor Olaf Scholz will be attending on behalf of Germany.
Biden and Selensky sign security agreement
Ukraine, which is under attack from Russia, has already concluded bilateral security agreements with various countries - including Germany in February. Now Biden and Selenskyj want to sign such an agreement on the sidelines of the summit. This was announced by US President Biden's National Security Advisor, Jake Sullivan, on Wednesday. A total of 15 countries have already concluded corresponding agreements.
Sullivan did not give any specific details. However, he emphasized that the agreement would not include any commitment to deploy American forces to defend Ukraine. "It is a commitment that we will ensure that Ukraine can defend itself." Biden's advisor called the agreement a "bridge" to possible NATO membership for Ukraine.
Huge aid package for Ukraine on the table
The heads of state and government want to launch a major new aid package for Ukraine in southern Italy. A senior EU official had already said on Tuesday that an agreement should be reached at the G7 summit to finance a loan of 50 billion US dollars (around 47 billion euros) for Ukraine with interest from frozen Russian state assets.
The talks were constructive, said Sullivan on the flight to Italy. He did not want to comment on the planned details.
Since the Russian attack on Ukraine, Russian central bank funds have been frozen on a large scale in the EU and other countries. The lion's share is within the European Union: around 210 billion euros according to the Commission. Russia's frozen money generates billions in interest income every year.
Is the USA deploying another Patriot air defense system?
Sullivan did not want to comment on a media report according to which the USA wants to provide Ukraine with another Patriot air defense system to strengthen its defense against Russia's attacks from the air. However, it is one of Biden's top priorities to supply Ukraine with more air defense systems.
Just in time for the summit: new US sanctions against Russia
The US imposed new sanctions against supporters of the Russian war - including Chinese companies - just in time for the G7 summit. The US government also heralded the G7 summit in Japan last year with the announcement of new sanctions to make it more difficult for Moscow to gain access to goods that are important on the battlefield. The new package targets more than 300 individuals and entities.
The Pope is the guest of honor
Italy's right-wing Prime Minister Giorgia Meloni welcomes her guests to the luxury resort "Borgo Egnazia", which has 28 villas and 63 suites or rooms in traditional Apulian style. The Pope is also expected there. This is the first time a pontiff has ever attended a G7 summit. The head of the Catholic Church is to speak on the topic of artificial intelligence.
Series of summits ends in Switzerland
The G7 meeting follows on seamlessly from the two-day reconstruction conference for Ukraine in Berlin. On Saturday, Scholz and Selenskyj will continue on to the Ukraine peace conference in Switzerland, for which, according to the government in Bern, around 40 heads of state and government have registered so far. A further 40 or so states are expected to attend with other senior government representatives.
©Keystone/SDA
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