War in Ukraine: G7 discusses billion-dollar package – with money from Russia

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By Maya Cantina

Russian money for Ukrainian weapons. At the G7 summit In southern Italy, heads of state and government are discussing how this can be made possible. The US government believes that negotiations on the use of interest income from frozen Russian state assets are on the right track – and that a decision on the issue could be made at the meeting of the seven major Western industrial countries.

It is certainly to be expected that the American president Joe Biden and his Ukrainian counterpart Volodymyr Zelenskyj signed a bilateral security treaty on the sidelines of the first day of the summit. The Russian war of aggression is one of the central topics during the three-day summit in the luxury hotel “Borgo Egnazia”. The Gaza war, difficult trade relations with China and migration are also on the agenda. In addition to Zelensky and others, the Pope is also invited to the summit for the first time. There are approximately 5,000 security forces present.

The Group of Seven includes the United States, Canada, Japan, Great Britain, France, Germany and Italy, which is hosting and chairing this year’s event. Chancellor Olaf Scholz travels to Germany.

Biden and Zelensky sign security deal

The one that Russia attacked Ukraine has already signed bilateral security agreements with several states, including Germany in February. Now Biden and Zelensky want to sign such an agreement on the sidelines of the summit. US President Biden’s national security adviser, Jake Sullivan, announced this on Wednesday. A total of fifteen countries have already concluded corresponding agreements.

Sullivan did not provide specific details. But he emphasized that the agreement does not include any obligation to deploy U.S. troops to defend Ukraine. “It is a commitment that we will ensure that Ukraine can defend itself.” Biden’s adviser 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 new major aid package for Ukraine in southern Italy. A senior EU official said on Tuesday that the G7 summit should agree to use interest from frozen Russian state assets to finance a $50 billion (about 47 billion euros) loan to Ukraine.

The conversations were constructive, Sullivan said on the flight to Italy. He declined to elaborate on the planned details.

In the EU and other countries, Russian central banks have had their funds frozen on a large scale since the Russian attack on Ukraine. The bear share lies within the European Union: according to the Commission, around 210 billion euros. The established money of Russia generates billions in interest income annually.

Is the US preparing a new Patriot air defense system?

Sullivan declined to comment on a media report that the US plans to supply Ukraine with another Patriot air defense system to strengthen defenses against Russian air attacks. However, one of Biden’s top priorities is to provide Ukraine with more air defense systems.

Just in time for the summit: new US sanctions against Russia

Just in time for the G7 summit, the US imposed new sanctions on supporters of the Russian war, including Chinese companies. The US government also announced new sanctions at the G7 summit in Japan last year to make it more difficult for Moscow to gain access to battlefield goods. The new package targets more than 300 people and institutions.

The Pope is guest of honor

Italy’s right-wing Prime Minister Giorgia Meloni welcomes her guests to the luxury resort ‘Borgo Egnazia’, which features 28 villas and 63 suites or rooms in traditional Apulian style. The Pope is also expected there. For the first time, a pope takes part in a G7 summit. The head of the Catholic Church would speak on the subject of artificial intelligence.

Summit series ends in Switzerland

The G7 meeting fits seamlessly with the two-day reconstruction conference for Ukraine in Berlin. It applies to Scholz on Saturday as well Zelensky on to the Ukrainian peace conference in Switzerland, for which, according to the government in Bern, about forty heads of state and government have registered so far. About 160 people were invited. Another 40 countries are expected to attend, along with other senior government representatives.

© dpa-infocom, dpa:240613-99-377411/3

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