G-7 to Tap Frozen Russian Assets for $50 Billion to Ukraine
- Structure of loans based on size of economies, people say
- Money is expected to start flowing to Ukraine by end of year
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Group of Seven nations have agreed on a loan syndicate based on the size of their economies to provide Ukraine with about $50 billion of fresh aid starting to flow by the end of the year, according to people familiar with the matter.
After months of discussions on how to use the profits generated by frozen Russian sovereign assets, the plan is set to win the backing of leaders at a summit in Italy this week. G-7 nations would give out loans to Ukraine that will be repaid using the profits generated by the roughly $280 billion of blocked funds, most of which lie immobilized in Europe.