According to several high-ranking sources, the leaders of the G7 countries agree to lend Ukraine up to SEK 518 billion – with frozen Russian assets as collateral.
Now Russia is threatening consequences.
– The seizure of Russian assets will lead to a response that will be very painful for the EU, says Russian Foreign Ministry spokesperson Maria Zacharova in a statement.
Right now, the leaders of the world’s seven richest democracies are meeting in the luxury resort of Borgo Egnazia in southern Italy. The war in Ukraine is one of the main points.
There has long been speculation about whether the G7 countries will grant a massive $50 billion loan to Ukraine, financed through frozen Russian assets.
On Thursday, information came that this would be the case. Several sources tell international news agencies that an agreement has been reached.
– We have a political agreement at the highest level for this deal, a high-ranking official in the Biden administration told Reuters.
Real estate and luxury yachts
In connection with Russia’s invasion of Ukraine, the EU froze $325 billion of Russian central bank assets held in banks outside of Russia. It is the interest on these assets that will now pay for the loan to Ukraine.
The money actually still belongs to Russia, therefore it has been discussed for a long time whether there is a legal right to use it for loans to Ukraine.
The loan is also financed through seizures from various oligarchs who are close to Putin, AP reports. It concerns, among other things, luxury yachts and real estate.
Will get the money quickly
Russia responds with anger. Foreign Ministry spokeswoman Maria Zacharova told state media that the response to the EU would be “painful” if the West uses the assets.
The goal of the G7 countries is for Ukraine to receive the money quickly.
The World Bank today estimates that it will cost more than 486 billion dollars over the next ten years to rebuild the country, reports Swedish EPN.