June 13th 2024.
At the G7 summit, leaders from the United States and European countries have reached an agreement to freeze Russian assets as a form of reparation for their invasion of Ukraine. This move comes right before President Joe Biden is expected to sign a security agreement with Ukrainian President Volodymyr Zelenskyy. The agreement, which has been highly anticipated, will involve leveraging the interest and income from over USD 260 billion in frozen Russian assets to secure a USD 50 billion loan from the US, along with additional loans from other partners.
According to a senior US official, the first disbursements of the loan will be made this year, but it may take some time for Ukraine to utilize all the funds. The official, who spoke on the condition of anonymity, also revealed that the agreement will be included in the G7 leaders' communique on Friday. In addition to announcing the loan package, the statement will also leave the possibility open for confiscating the Russian assets entirely, although the allies have yet to secure the necessary political will due to concerns about legal and financial stability.
During the summit, Biden is scheduled to meet with Zelenskyy to discuss a bilateral security agreement between the US and Ukraine. This comes after the White House successfully navigated through a roadblock in Congress that delayed the approval of USD 60 billion in US aid for Ukraine. This delay allowed Russia to gain ground on the battlefield, making the security agreement even more crucial for Ukraine's defense against their neighbor.
According to Jake Sullivan, Biden's national security adviser, the pact is a strong indication of the US' commitment to Ukraine for not only the present, but also the years to come. Zelenskyy, who has taken to social media to express his thoughts, described the agreement as "unprecedented", reflecting the unwavering support from world leaders for his country.
However, the agreement does not involve any direct commitment of US troops to defend Ukraine against Russia's invasion, which is a clear red line for Biden. The president is determined not to get the US involved in a direct conflict with nuclear-armed Moscow. Meanwhile, other countries and organizations are set to meet in Switzerland over the weekend to discuss potential solutions for peace in Ukraine. Although Biden will not be attending, Vice President Kamala Harris will be representing the US.
Zelenskyy, who had hoped for Biden's presence at the summit, expressed his disappointment, stating that other leaders value the US viewpoint and Biden's absence would only serve as a personal nod to Russian President Vladimir Putin. It is clear that the US' involvement and support are crucial for Ukraine's defense and stability, and the agreement signed between Biden and Zelenskyy serves as a strong testament to that commitment.
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