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G7 Leaders Reach Landmark Agreement on Frozen Russian Assets to Support Ukraine

Leaders of the Group of Seven (G7) nations have reached a political agreement to provide Ukraine with a $50 billion loan package backed by interest earned on frozen Russian sovereign assets. The deal, announced during the summit in Apulia, Italy, is intended to provide sustained financial support for Kyiv’s defense and infrastructure needs. While the move is seen by Western allies as a critical mechanism for accountability, some international observers and legal experts have cautioned about the potential implications for global financial norms and the stability of the Euro. The Kremlin has condemned the decision, describing it as a violation of international law and suggesting that Moscow will pursue retaliatory measures. Technical discussions are ongoing to finalize the legal and financial frameworks required to deploy the funds by the end of 2024.

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