G7 Leaders Reach Deal to Unlock Frozen Russian Assets for Ukraine

The leaders agreed to provide at least a $50 billion loan to Ukraine, backed by profits from frozen Russian assets. 

(L-R) European Council President Charles Michel, German Chancellor Olaf Scholz, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, British Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen pose for a family photo during a welcome ceremony on day one of the 50th G7 summit at Borgo Egnazia on June 13, 2024 in Fasano, Italy. Antonio Masiello/Getty Images

PUGLIA, Italy—Group of Seven (G7) leaders reached an agreement on June 13 to utilize frozen Russian assets in their continued support of the war in Ukraine.

The G7 will provide Ukraine with a loan using frozen Russian assets as collateral. The total sum is unclear at this time, but the United States has committed $50 billion alone. The risk will be shared among the other G7 nations.