Leaders of seven countries have agreed to give Ukraine a $50 billion loan to deal with the fallout from President Vladimir Putin’s continued war with Ukraine, a senior administration official said Thursday.
The loan will be financed with profits from Russia’s frozen assets, which are mostly kept in Europe. The loan will finance military aid, humanitarian aid and reconstruction costs. The move came after Mr Biden and Ukrainian President Volodymyr Zelensky signed a separate security agreement. The US-Ukraine Security Agreement provides for US support to Ukraine over the next decade, including military exercises, intelligence sharing and weapons assistance.
The US president and the leaders of Italy, Canada, Germany, France, Canada and the United Kingdom are in Italy for a series of G7 meetings this week. Mr. Biden and Mr. Zelensky will hold a joint press conference in Italy on Thursday.
“We took three major steps at the G7 that collectively show Putin that he can’t wait for us,” Biden said. “He cannot divide us. And we will stand with Ukraine until they win this war. The first is a mutual security agreement. The second is the historic agreement to deliver $50 billion worth of Russian sovereign assets to Ukraine. And the third is the agreement to ensure that our sanctions will deter the third countries supplying Russia’s war effort.”
Alex Brandon/AP
The security agreement fulfills a pledge made last year to strengthen Ukraine’s security and is intended to be a bridge to Ukraine’s eventual invitation to join NATO. The president’s press conference with Zelenskiy followed a day of meetings with Italian Prime Minister Giorgia Mellon and leaders of other G7 countries with advanced industrial economies.
“By signing this, we will also send a signal to Russia of our resolve,” White House National Security Adviser Jake Sullivan told reporters on Wednesday. “If Vladimir Putin thinks he can withstand a pro-Ukraine coalition, he is wrong.
As Mr Biden traveled from the US to Italy, the Treasury and Commerce departments announced a new round of sanctions against Russia and its “war machine”. The latest sanctions are aimed at slowing Russia’s military buildup as it continues its war in Ukraine. The sanctions will make it more difficult for Russia to import supplies to build military equipment, although they will still allow food and goods to enter Russia outside of these sectors.
More than a dozen other countries have similar security agreements with Ukraine.
It’s the Biden administration Now he is letting Ukraine The use of US weapons on the Russian border near the city of Kharkiv was a policy shift that Sullivan said came as Russia opened a new front in its war.
“Our position here, we believe, is straightforward and common sense,” Sullivan said. “The Russians are carrying out attacks from one side of the border directly to the other side of the border.
Mr. Biden and Mr. Zelensky also met last week as part of D-Day commemorations in France. Mr. Biden then publicly apologized to Zelensky for the month-long delay in military aid that allowed Russia to win the war.
“You didn’t give up, you didn’t give up at all” Mr. Biden told Zelensky about this in France. “You keep fighting in a way that’s just remarkable, just amazing. We’re not going to leave you.”
Corey Rangel contributed to this report