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G7 backs Biden's plan to loan $50B to Ukraine, using Russian-frozen assets

Ukrainian President Volodymyr Zelenskyy arrives at the Borgo Egnazia resort in Puglia for the G7 Summit hosted by Italy on June 13, 2024. [AFP]

The Group of Seven wealthy democracies announced Thursday that it would provide Kyiv with tens of billions of dollars in loans that will be paid back to Western allies using interest income from Russian assets frozen in Western financial institutions.

"We have reached a political agreement to provide additional financial support to Ukraine of approximately $50 billion by the end of the year," said the summit host, Italian Prime Minister Giorgia Meloni.

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