US Pushes for $50 Billion Loan to Ukraine Ahead of G7 Summit

US officials are working fervently to secure an agreement among G7 nations for a substantial loan package of around $50 billion to Ukraine, utilizing profits from frozen Russian assets. The urgency to finalize this deal is heightened as President Joe Biden prepares to meet with G7 leaders in Italy this week. However, consensus among the seven nations has yet to be reached, according to sources familiar with the US’s preparations.

The Biden administration has spearheaded efforts to convince fellow G7 leaders from the UK, Canada, France, Germany, Italy, and Japan to endorse the loan, emphasizing its crucial role in bolstering Ukraine’s defense against ongoing Russian aggression. The aim is to resolve financing details in the coming days and announce the agreement as part of the G7 leaders’ communiqué.

While specifics regarding disbursement and repayment assurances are still being negotiated, US officials stress the urgent need for financial support given Ukraine’s dire circumstances. A successful loan package, they argue, would demonstrate unified resolve among the world’s leading economies to stand with Ukraine against Russian aggression.

“This is a priority for the United States. We believe it’s a priority for the entire G7,” stated Jake Sullivan, Biden’s national security adviser, underscoring the critical nature of mobilizing resources to support Ukraine’s war efforts.

Ukrainian President Volodymyr Zelensky will attend the G7 summit to advocate for additional assistance on the global stage. Biden’s visit to Italy follows his recent trip to France, where US support for Ukraine’s defense efforts was a focal point. During his meeting with Zelensky, Biden pledged $225 million in security assistance to Ukraine and publicly apologized for delays in congressional approval, acknowledging the impact on Ukraine’s military capabilities.

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