Italy's PM lists countries that will fund $50bn loan for Ukraine using frozen Russian assets

Italian Prime Minister Giorgia Meloni has said that European states will not allocate funds under the Group of Seven's agreed mechanism for utilising frozen Russian assets.

Source: Meloni at a press conference following the G7 summit in Italy on 15 June, as reported by European Pravda

Details: According to Meloni, a US$50 billion loan to Ukraine will be provided by the United States, Canada, the United Kingdom and possibly "Japan, under constitutional restrictions."

"At present, European countries are not involved in this loan. Given that all these assets are frozen in Europe, Europe is already involved by defining a guarantee mechanism for the repayment of this loan," she explained.

The Italian prime minister added that the European Council will still consider this matter, and the EU finance ministers will decide on the loan's technical issues.

Background:

• On Thursday, Meloni confirmed that the G7 leaders had reached a political agreement to provide Ukraine with about US$50 billion in support derived from frozen Russian assets.
• The relevant decision to create the Extraordinary Revenue Acceleration mechanism to provide Kyiv with a loan is also contained in the final declaration of the G7 summit.

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