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G7 to Use Frozen Russian Assets for $50 Billion Ukraine Loan

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The G7 has agreed to utilize frozen Russian assets to raise $50 billion (£39 billion) for Ukraine to aid in its defense against Russian forces. President Joe Biden emphasized this decision as a signal to Russia that the support for Ukraine remains steadfast. However, Moscow has warned of “extremely painful” retaliatory actions. The funds, anticipated to be available by the end of the year, are intended to support Ukraine’s war effort and economic stability in the long term.

At the G7 summit in Italy, Ukrainian President Volodymyr Zelensky and Biden signed a 10-year bilateral security agreement between the US and Ukraine, which Ukraine hailed as “historic.” This agreement involves US military and training aid but does not commit US troops to combat. It aims to enhance Ukraine’s defense capabilities, support its defense industry, and aid in economic and energy recovery. It also stipulates consultations at the highest levels in case of future Russian attacks on Ukraine to decide necessary support measures.

Separately, about $325 billion in Russian assets were frozen by the G7 and the EU following Russia’s 2022 invasion of Ukraine. These assets generate approximately $3 billion annually in interest. The G7 plan involves using this interest to cover the annual interest on a $50 billion loan for Ukraine, sourced from international markets.

President Biden, at the summit in Puglia, Italy, reiterated that the $50 billion loan would support Ukraine and send a strong message to Russian President Vladimir Putin. Zelensky expressed gratitude for the continued support from the US and other allies, calling the security deal with the US the strongest since Ukraine’s independence in 1991. Other G7 leaders, including UK Prime Minister Rishi Sunak, praised the loan deal as transformative.

The $50 billion loan compares significantly with the $61 billion in US military aid agreed upon in May. A senior White House official noted the loan would support various needs, including military, budget, humanitarian, and reconstruction efforts. While the frozen funds’ interest is seen as a symbolic victory for Ukraine, some in Kyiv had hoped for the release of the entire $300 billion frozen fund. However, the European Central Bank opposed this, citing risks to international order.

The funds from the loan will not immediately impact the war, as they are expected later in the year. Ukraine continues to seek more immediate military aid, such as air defense systems and F-16 fighter jets, which could start arriving in the summer. Zelensky mentioned that the new security agreement includes US shipments of these aircraft.

The loan arrangement symbolizes a significant move where Russia’s frozen assets are repurposed to support Ukraine’s defense. Although this marks a turning point, it is unlikely to change Russia’s stance on the war. Most of the frozen Russian central bank assets are in Belgium, and international law prevents their direct confiscation for Ukraine’s benefit. Russia has condemned the West’s actions as criminal and has hinted at severe retaliatory measures. European investors have around €33 billion stuck in Russia, complicating the situation further.

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Oscars 2024: Zelensky hails Ukraine’s first-ever Oscar victory

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President Volodymyr Zelensky praised the historic win of Ukraine’s first-ever Oscar for the documentary “20 Days In Mariupol,” which depicts Russia’s brutal siege of the port city. Zelensky emphasized that the film reveals the truth about Russian terrorism and sheds light on the suffering endured by Mariupol’s residents during the city’s destruction.

Director Mstyslav Chernov, accepting the award for best documentary feature, expressed his honor at being Ukraine’s inaugural Oscar recipient. Despite this recognition, Chernov expressed regret, stating that he wished he had never had to make the film. He mourned the loss of Ukrainian lives due to Russia’s aggression and called for truth to prevail and the memory of Mariupol’s people to endure.

Chernov concluded his speech with the rallying cry “Slava Ukraini!” (Glory to Ukraine!), echoing the sentiment shared by millions of Ukrainians. The film’s victory is celebrated widely on Ukrainian social media, with many considering it a historic achievement. Chernov and his team risked their lives to document Mariupol’s plight, navigating Russian checkpoints to ensure their footage reached the world.

Mariupol, once a thriving port on the Sea of Azov, suffered extensive destruction at the hands of Russian forces. Despite Russia’s claim of “liberation,” the film serves as a poignant reminder of the devastation inflicted upon the city and its people.

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Ukraine war: Baby killed in Russian strike on Kharkiv hotel

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A tragic incident occurred in northeastern Ukraine as a Russian missile struck a hotel, resulting in the death of a two-month-old baby and injuring his mother. The governor of Kharkiv region, Oleh Synehubov, reported the retrieval of the baby’s body from the collapsed building in Zolochiv. This attack, carried out with two S-300 missiles, also wounded two other women. The village’s proximity to the Russian border renders it vulnerable, as Ukrainian air defenses cannot adequately cover such areas.

Originally designed for Russia’s air defense, the S-300 missiles have been repurposed to target Ukrainian ground installations, deemed a cost-effective alternative to more precise cruise missiles. Recent months have seen increased assaults on the Kharkiv region, with another hotel targeted in Kharkiv city previously, resulting in numerous injuries, including journalists covering the conflict.

In response to Russia’s aggression, Ukrainian forces launched a lethal strike on Belgorod, near the border. Additionally, Ukraine’s SBU security service apprehended five individuals suspected of involvement in a Russian espionage ring, allegedly providing sensitive information to Russia’s FSB, including details on military assets and infrastructure.

As Ukraine braces itself amidst the ongoing conflict, President Volodymyr Zelensky contemplates strategic shifts, including potential changes in leadership within the armed forces. Despite challenges and setbacks, Zelensky emphasizes the importance of perseverance and unity in achieving victory.

While US military assistance to Ukraine faces delays due to political wrangling in Congress, the European Union has approved a substantial aid package for Ukraine, highlighting its steadfast support amid the approaching third year of conflict.

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Ukraine war: Military chiefs in Kyiv under pressure over deadly Russian strike

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Ukraine’s military leadership is facing severe backlash after a recent Russian missile strike reportedly resulted in significant Ukrainian casualties. According to Ukrainian media and Russian military bloggers, over 20 Ukrainian soldiers were killed during an award ceremony near the southern frontlines on Friday. Ukrainian President Volodymyr Zelensky emphasized that the incident was avoidable and announced the initiation of criminal proceedings.

Several Ukrainian soldiers and military experts have criticized the decision to hold the ceremony in an area vulnerable to strikes, highlighting that Russian drones routinely monitor Ukrainian troop activities to facilitate air and artillery attacks. Disturbing drone footage shared on a Russian Telegram channel purportedly captured the moment of the deadly strike, displaying bodies of Ukrainian soldiers on the ground.

Ukrainian Defence Minister Rustem Umerov confirmed the deaths and ordered a full investigation into the tragedy. The use of an Iskander-M, a Russian short-range ballistic missile, was reported by Ukraine’s Strategic Command (StratCom), resulting in civilian casualties as well. While the specific location of the attack has not been publicly disclosed by Kyiv, Ukrainian media suggests it was a village near the frontline, potentially Dymytrovo, known as Zarichne after Ukraine’s renaming in 2016.

The incident occurred during a ceremony marking Artillery Day, dedicated to honoring military personnel serving in artillery and missile units. Various social media posts, including those by Ukrainian soldier Ruslan Kahanets and volunteer Serhiy Sternenko, criticized the decision to organize the event, calling for accountability and systemic changes to prevent similar tragedies in the future.

The sentiment among some Russian military bloggers implies that such incidents are occurring more frequently, urging Ukrainian military leaders to reassess their strategies. This recent strike has sparked anger among Ukrainian citizens, who demand punishment for those responsible for organizing the ill-fated ceremony. As investigations continue, the focus remains on establishing the truth and implementing measures to prevent such occurrences from happening again.

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Ukraine’s Defense Minister Oleksii Reznikov Fired

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Ukraine’s President Volodymyr Zelensky has announced the removal of Defense Minister Oleksii Reznikov from his position. Reznikov had been in charge of the defense ministry since before Russia’s full-scale invasion in February 2022. President Zelensky cited the need for “new approaches” in the defense ministry and nominated Rustem Umerov, head of Ukraine’s State Property Fund, as Reznikov’s successor.

Reznikov, who had developed strong relationships with senior politicians in London, is rumored to become Ukraine’s new ambassador to the United Kingdom. While he was internationally recognized for his role in lobbying for additional military equipment, his dismissal had been anticipated, with Reznikov himself exploring other positions within the Ukrainian government.

The cabinet reshuffle is not expected to bring significant changes to Ukraine’s battlefield strategy, as General Valery Zaluzhny continues to oversee the campaign as the commander of Ukraine’s armed forces. Reznikov’s dismissal is part of a broader anti-corruption effort in President Zelensky’s administration, as Ukraine aims to address corruption issues to join Western institutions like the EU.

Although Reznikov himself is not personally accused of corruption, the Ministry of Defense had faced scandals related to the procurement of goods and equipment for the army at inflated prices. Earlier this year, Reznikov’s deputy resigned amidst such allegations.

In addition to the anti-corruption drive, Ukraine is engaged in a slow and bloody counter-offensive with advanced weapons received from Western allies. Ukrainian forces have reported breaking through key Russian defenses in the south of the country, while Russia has reported attempted drone attacks on its territory and launched an attack on the Izmail port, one of Ukraine’s major grain-exporting ports on the Danube River.

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Three individuals die in Belgorod following drone attacks on Moscow

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Following a drone attack on the Belgorod region of Russia, three people have lost their lives. This incident occurred shortly after another drone struck central Moscow. Russian authorities have attributed the attack on Belgorod to Kyiv and Governor Vyacheslav Gladkov implicated Ukrainian forces, alleging that they deployed an explosive device via a drone while people were present on the streets. However, Kyiv has not taken responsibility for either of the incidents, which is in line with its usual practice of refraining from commenting on attacks within Russia.

In response to the initial drone strike in Belgorod that resulted in three fatalities, the Russian Defence Ministry reported the destruction of a second drone in the region. Drones were also noted in Moscow, with one hitting a building under construction, according to Mayor Sergei Sobyanin. The Russian defence ministry stated that air defenses successfully downed two drones in the Mozhaisk and Khimki districts of the Moscow region, with no reported casualties.

In the wake of the drone attack in the capital, all flights to and from Moscow’s airports were temporarily suspended on Wednesday, although they were later resumed. This suspension marked a recurrent response to a series of recent drone attacks targeting the capital. Notably, this event represented the sixth consecutive night of aerial assaults on the Moscow region.

The drone responsible for striking the under-construction building in the Moscow city complex was reportedly neutralized by electronic warfare systems. Subsequently, it lost control and collided with the building, leading to damage. Emergency services were dispatched to assess the situation and address the damages caused.

The US State Department responded to reports of the downed drones, asserting that the US does not endorse drone attacks in Russia. American officials emphasized that it is Ukraine’s prerogative to determine its defense strategy and urged Russia to conclude the conflict by withdrawing its forces from Ukraine. Incidences of alleged drone strikes inside Russian territory have grown increasingly frequent in recent months.

The Russian defence ministry indicated that it had intercepted two drones over the Moscow region on Tuesday, and two additional drones were reportedly thwarted over the Bryansk region near the Ukrainian border. Furthermore, Russian authorities claimed that a Ukrainian reconnaissance boat in the Black Sea was destroyed by a Russian warplane after approaching Russian gas production facilities. Although Ukraine did not claim responsibility for the drone incursions on Tuesday, President Volodymyr Zelensky has previously characterized attacks on Russian territory as an “inevitable, natural, and entirely justifiable process.”

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Ukraine Shifts Christmas Day to Spite Russia

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Ukraine has officially changed its state holiday for Christmas Day from 7 January to 25 December, with the aim of distancing itself from Russian influence. President Volodymyr Zelensky signed a bill into law to abandon the Russian heritage of imposing Christmas celebrations on the country. This move is part of Ukraine’s broader efforts to sever religious, cultural, and other ties with Russia and align itself more closely with Western values. The decision came in the wake of Russia’s full-scale invasion of Ukraine in 2022. The legislation also shifted two other state holidays – Day of Ukrainian Statehood and Defenders’ Day – to different dates. The Russian government has not issued any public comments on the matter.

Historically, imperial Russia and later the Soviet Union attempted to exert control over Ukraine, including imposing the authority of the Russian Orthodox Church over Ukrainian churches. However, in 2019, the newly established Orthodox Church of Ukraine (OCU) gained independence from the Russian Orthodox Church, leading to tensions between the two branches. The OCU has now officially adopted the Gregorian calendar used by most of the world, resulting in the celebration of Christmas on 25 December instead of 7 January.

While many Ukrainian worshippers have joined the OCU in recent years, there are still millions who follow the Ukrainian Orthodox Church (UOC), the other established branch in the country. The UOC has not commented on Ukraine’s decision to move Christmas Day.

In addition to the change in Christmas Day, Ukraine has taken other measures to distance itself from Russia, such as renaming streets with links to Russian and Soviet historical figures, removing certain monuments, and banning Russian films made after 2014. These actions followed Russia’s annexation of Crimea in March 2014.

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Ukraine war: Kyiv hit by ‘exceptional’ number of missiles

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Kyiv, the capital of Ukraine, has been subjected to further Russian air attacks, with one official describing them as “exceptional in density.” Ukraine claims that all 18 missiles were successfully shot down, and footage showed air defenses destroying targets over the city. However, Russia insists that its attack, which utilized drones and missiles, hit all its intended targets. Moscow has escalated its air campaign in recent weeks, anticipating an upcoming Ukrainian offensive.

The air raid alert was activated at around 02:30 local time and lasted for two hours. This marked the eighth attack on the capital this month. Residents heard an unusually high number of loud explosions, prompting authorities to inform them online about the activation of air defense systems.

Valerii Zaluzhny, the head of Ukraine’s armed forces, stated that Russia attacked Kyiv from multiple directions, employing 18 air, sea, and land-based missiles. Serhiy Popko, head of the military administration in the Ukrainian capital, described the attack as the “maximum number of attack missiles in the shortest period of time.” Popko also mentioned that the majority of enemy targets in Kyiv’s airspace were detected and destroyed.

According to Gen Zaluzhny, the attack involved nine Kalibr cruise missiles launched from ships in the Black Sea, as well as three land-based missiles. Additionally, Kyiv successfully destroyed six Kinzhal hypersonic missiles, which can travel at speeds exceeding 11,000 km/h (7,000 mph). Russia has previously claimed that no air defense systems in the world can intercept these missiles. However, Ukraine claimed to have shot down a Kinzhal during a previous attack on Kyiv.

The arrival of modern Western defense systems, including Patriots, has enabled Ukraine to intercept these advanced missiles. Russia alleged that it destroyed a Patriot system during the attack on Kyiv, but these claims cannot be independently verified by the BBC.

Residents were advised to stay away from windows due to falling debris from intercepted missiles. Rocket fragments fell in various central districts of the city, including the zoo, but no injuries were reported among animals or workers. The Solomyansky district, which encompasses the international airport, was reportedly the most heavily affected.

Kyiv residents shared their experiences, with one describing the intensity of the attack as reminiscent of a Star Wars film or an action video game. Another resident mentioned that it was the first time his house had shaken from an assault since Russia’s invasion of Ukraine in February 2022. Ukraine believes that Russia’s renewed strikes on Kyiv are aimed at wearing down the highly effective air defense systems.

In recent days, President Volodymyr Zelensky has embarked on a European tour, securing promises of significant military equipment and support from Western allies such as UK Prime Minister Rishi Sunak and French President Emmanuel Macron. Since the invasion, the conflict between Russia and Ukraine has resulted in the loss of thousands of lives, extensive destruction of cities and towns, and the displacement of millions of Ukrainians as refugees.

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