White House Unveils Details of G7 Strategy to Use Russian Assets

The total amount of $50 billion in loans will be sent to Ukraine this year, with repayment of the loans coming from the income on immobilized Russian assets.

President Joe Biden and Ukrainian President Volodymyr Zelensky (L) shake hands after signing a bilateral security agreement during a press conference at the Masseria San Domenico on the sidelines of the G7 Summit in Savelletri, Italy, on June 13, 2024. MANDEL NGAN/AFP via Getty Images

BARI, Italy—The White House on June 14 outlined some of the technical details of the plan agreed by G7 leaders to grant loans to Ukraine using frozen Russian sovereign assets.

“Every G7 country is going to do its part,” a senior administration official said during a call with reporters. “Some countries are going to contribute to the loan. Others will contribute to the repayment. Others still will provide guarantees of repayment if the income flow isn’t sufficient to service and repay the loan in full.”