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Bari (Italy) – The Italian Prime Minister, Giorgia Meloni, confirmed this Thursday, on the opening day of the G7 summit, that world leaders have reached an agreement to grant Ukraine a $50 billion loan financed with the interest generated by frozen Russian assets.

“I confirm that we have reached the political agreement to provide additional financial support to Ukraine,” Meloni said in an official statement at the end of the first day of the meeting of the leaders of the world’s seven largest economies in Apulia (southern Italy), which was attended by Ukrainian President Volodomir Zelensky.

“It was a result that could not be taken for granted and of which I am particularly proud,” she asserted, after stating that the G7 reaffirmed its commitment to “the heroic Ukrainian resistance” that managed to stop Russian president Vladimir Putin from completing his plan.

Meloni highlighted that it is “a loan valued at around $50 billion by the end of the year thanks to a mechanism through which its repayment can use the benefits of Russian assets immobilized in our jurisdictions.”

“We are not talking about confiscation of these assets, but about the interest that matures over time,” she emphasized.

The Italian Prime Minister described the agreement as a “fundamental political step, which now needs to be defined from a technical point of view, taking into account the European Union’s framework of reference.”

For her part, the President of the European Commission, Ursula von der Leyen, assured this Thursday that the G7 loan to Ukraine from Russian assets is a “strong signal” of support for Kyiv and that “it will not come from European taxpayers.”

Meloni’s official announcement comes after a long day of indications pointing to the likely success of the agreement, which was finally confirmed both by the President of the European Commission, Ursula von der Leyen, who called it a “strong signal,” and by the German Chancellor, Olaf Scholz, who called it “historic.”

Early in the morning, White House National Security Advisor Jake Sullivan hinted that there had been “good progress” in the negotiations between the G7 country delegations and that, in today’s leaders’ meeting, there would probably already be a “shared vision of the way forward.”

Indeed, Sullivan spoke of reaching a “framework agreement” and that the details would be subsequently negotiated by the involved countries.

In the final communiqué of the summit, scheduled to be published on Friday after the closing session, the agreement will also be reflected, specifying that the goal is for the funds to reach Ukraine “before the end of the year,” according to an excerpt from the draft of that text seen by EFE.

According to that draft, the G7 will limit itself to stating in its final communiqué that it collectively commits to providing funding for the fund for Kyiv, which G7 countries call “Extraordinary Revenue Acceleration Loans (EPA, for its acronym in English) for Ukraine.”

However, sources indicated to EFE that the U.S. Government will provide most of the funds for the Ukraine loan, which will use the future interest generated by the frozen Russian assets in Europe as collateral.

The €260 billion of frozen Russian assets generate about €3 billion per year in profits, but this amount is insufficient to keep Kyiv afloat, as it would only cover the Ukrainian government’s financing needs for a month.

Therefore, the G7 has decided to use future interest as collateral for a loan to Ukraine, which will be mainly financed by the United States and aims to help Zelensky rebuild his country and buy more weapons. (June 13)