G7 Summit Starts in Italy: Ukraine to Receive $50bn Loan Secured by Income from Russian Assets

The G7 leaders meeting starts in the Italian resort of Borgo Egnazia in the Puglia region. It is expected to approve the decision on the use of profits from frozen Russian assets to provide financial assistance to Ukraine. A $50 billion loan to Ukraine secured by profits from frozen Russian assets is the main issue at the G7 summit hosted by the group’s current Italian presidency. The meeting takes place in Borgo Egnazia, in Puglia, in a luxury hotel with a Michelin-starred restaurant. Most of the approximately $260 billion of frozen assets of the Russian Central Bank are in the European Union. An agreement on their use was reached before the G7 leaders arrived in Italy. The summit is expected to develop a mechanism for implementing the plan. The level of security in the picturesque resort has been raised to the highest possible. The choice of this location was also dictated by these considerations: it is easier to control a small town than, for example, a large metropolis like Rome. The summit is to host such countries as India, Brazil and South Africa, which together with Russia are members of BRICS, as well as the leaders of Algeria, Jordan, Kenya, Mauritania (chair of the African Union), the UAE, Tunisia, Turkey and heads of several international organizations. Ukrainian President Volodymyr Zelensky is expected to sign a separate bilateral security agreement with US President Joe Biden in Borgo Egnazia.