Islam Times - G7 Countries Agree on How to Deliver $50 bln in Loans to Ukraine: Statement

Islam Times - The Group of Seven (G7) countries have reached an agreement on how to deliver some $50 bln in loans to Ukraine, according to a joint statement.

"Today, we, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine. These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets, in line with G7 respective legal systems and international law," the statement reads, TASS reported.

"Our aim is to begin disbursing the funds by the end of the year," the G7 nations added.

According to Reuters, each bilateral loan will enter into force no later than June 30, 2025, and Ukraine will receive the $50 bln before the end of 2027.

The document stressed that "the loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance." The G7 nations said that Russia must "pay for the damage it has caused to Ukraine in line with international law," and reiterated their "unwavering commitment to stand by Ukraine for as long as it takes."

Russian Finance Minister Anton Siluanov said earlier that Moscow was ready to use revenues from foreign assets as a tit-for-tat response to the West’s actions. In July, Kremlin Spokesman Dmitry Peskov stated that Russia would definitely respond to the theft of its assets in Europe. According to the Russian presidential spokesman, Europe made the wrong move by deciding to use Russian assets to help Kiev.