G7 leaders pledge $50 billion for Ukraine by year end, says France
G7 Leaders
Group of Seven leaders have agreed to allocate $50 billion to Ukraineusing frozen Russian assets by the end of the year, the French presidency announced on Wednesday (June 12).
"We have an agreement," a presidency official said ahead of theG7 summit in Italy on Thursday (June 13) that will focus on backing Kyiv's fight against Russia's invasion.
Also read:PM Modi to attend 50thG7summit in Italy
G7 leaders had aimed to agree on a deal to use the profits from the interest on 300 billion euros ($325 billion) of frozen Russian central bank assets to help Kyiv, using the profits as collateral for a loan of up to $50 billion.
US President Joe Biden is scheduled to meet with Ukraine President Volodymyr Zelensky on Thursday during the G7 summit in Puglia, Italy.
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"There's a possibility that Russia might regain access to the frozen assets, or the income from those assets might not be enough to cover the loan. In that case, we'll need to discuss how to share the responsibility of repaying the loan,” the official said.
Biden to sign new security agreement with Ukraine
US President Joe Biden will sign a new security agreement with Ukraine on Thursday to vow America's long-term support to the country.
"The agreement will assure our support will last long into the future, mostly in the defense and security space," White House national security adviser Jake Sullivan told reporters.
"By signing this we'll also be sending Russia a signal of our resolve. If Putin thinks he can outlast the coalition supporting Ukraine, he's wrong," Sullivan said.
PM Modi heads to Italy for G7 Summit
Prime Minister Narendra Modi is heading to Italy to attend G7 summit, which is likely to be dominated by Ukraine and Gaza ceasefire talks.
The summit will be held between June 13-15 at the luxurious Borgo Egnazia resort in Puglia region, with leadersfrom seven member countries, US, UK, Canada, Germany, Italy, Japan, and France, as well as the European Union in attendance.
India, which has been invited to the G7 summit as an outreach country, has defence and maritime cooperation on its agenda, according to ambassador Vani Rao.
(With inputs from agencies)