G7 summit opens with deal to use Russian assets for Ukraine as Italy flexes its right-wing muscles
U.S. President Joe Biden says the agreement to tap into the windfall profits on frozen Russian assets held in Europe would put that money to work for Ukraine
BORGO EGNAZIA, Italy — A Group of Seven summit opened Thursday with agreement reached on a U.S. proposal to back a $50 billion loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support even as Europe's political chessboard shifts to the right.
President Joe Biden said the agreement to tap into the windfall profits on some $280 billion in frozen Russian assets held in Europe would put that money to work for Ukraine.
“Another reminder to (Vladimir) Putin: We're not backing down. In fact, we're standing together against this illegal aggression,” Biden said at an evening news conference, with Ukrainian President Volodymyr Zelenskyy by his side.
The agreement was hashed out hours before Italian Premier Giorgia Meloni opened the summit at a luxury resort in southern Italy, saying she wanted the message of the meeting to be one of dialogue with the global south and unity.
She compared the G7 to the ancient olive trees that are a symbol of the Puglia region, “with their solid roots, and branches projected toward the future.”
Beyond discussing Ukraine, the war in Gaza and China's industrial policy, Pope Francis will become the first pope to address a G7 summit, adding a dash of celebrity and moral authority to the annual gathering. He’ll be speaking on Friday about the promises and perils of artificial intelligence, but is expected to also renew his appeal for a peaceful end to Russia's full-scale invasion of Ukraine and the Israel-Hamas war in Gaza.
The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the
Read more on abcnews.go.com
