G7 leaders agree on US$50B loan for Ukraine using frozen Russian assets

the leaders of the world’s advanced economies have all arrived here in southern Italy for the start of the G7 and already there’s progress on a massive Aid package for Ukraine $69 billion worth of loan provided to ke 5 billion of which will come from Canada backed by Russian assets that have been seized by Western countries something of the Canadian government’s long pushed for certainly the assets of the oligarchs their yachts and their manions but Canada’s gone beyond that and was the first country in the world to adopt legislation permitting us to confiscate Russian State Assets Now That’s controversial in international law and that controversy has led to a more watered down approach compared to what the Canadian government had hoped for the outright seizure of Russian assets but the plan is viewed as a way to Trump prove further Aid to Ukraine as the political futures of six of the seven leaders at the G7 including Justin Trudeau is up in the air now as for the prime minister’s first working day here in Italy he’ll meet one-on-one with Ukrainian President Vladimir zalinski as well as German Chancellor Olaf Schultz and French president Emanuel mcon as well as participating in group sessions with the other leaders but there’s also one potential meeting we’re all watching for here any sideline conversations between Trudeau and Indian president nen ra Modi who’s been an invited guest here at the summit now relations between the two countries are still sour after Trudeau alleged agents of the Indian government were behind the killing of a sick leader in Siri BC but as it stands now there’s no formal meeting on the books between the two leaders McKenzie gray Global News bar Italy

The leaders of the G7 countries have agreed to provide a US$50 billion loan to support Ukraine in its battle for survival amid Russian invasion.

The loan will be supported by the interest earned on profits from Russia’s frozen central bank assets.

Canada has also pledged to contribute $5 billion to the loan, which will be based on anticipated revenue from the frozen Russian assets.

Global’s Mackenzie Gray reports.

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