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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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Moscow attack: Gunmen kill dozens at Crocus City Hall in Moscow

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Gunmen launched a devastating assault on a concert hall near Moscow, resulting in the tragic loss of at least 60 lives and leaving around 100 people injured, as confirmed by Russian security services. The attackers, numbering at least four and clad in camouflage attire, stormed the Crocus City Hall in Krasnogorsk, igniting chaos and terror.

The concert hall, moments away from hosting a rock concert, witnessed the assailants infiltrating both the foyer and the theatre, setting parts of the building ablaze, which eventually led to a portion of the roof collapsing. Shockingly, children were among the casualties, prompting swift condemnation from the Russian foreign ministry, which labeled the incident a “terrorist attack.”

Although an online statement attributed to the Islamic State claimed responsibility, the assertion remains unverified. Nevertheless, US officials disclosed intelligence suggesting IS harbored intentions to target Russia, a warning conveyed to Russian authorities earlier. Subsequently, Russia’s National Guard mobilized special units to apprehend the attackers, while top officials rushed to the scene.

The harrowing assault unfolded just as thousands gathered for a rock concert by the band Picnic, narrowly sparing the musicians themselves from harm. Witnesses recounted scenes of horror as gunfire erupted, prompting frantic attempts to seek refuge or escape. Fire engulfed the premises, likely initiated by incendiary devices hurled by the assailants.

Emergency responders swarmed the area, tending to the wounded and facilitating evacuations. Moscow Mayor Sergei Sobyanin responded by canceling all public events in the capital, with other regions following suit. Amid the grief and shock, Russian Foreign Ministry spokeswoman Maria Zakharova called for international condemnation of what she described as “a monstrous crime.”

While Ukrainian officials swiftly disavowed any involvement, tensions heightened as Ukrainian military intelligence insinuated possible Russian involvement, an allegation dismissed by Russian authorities. The attack bore eerie parallels to the 2002 theatre siege in Moscow, evoking memories of past tragedies.

In response to the atrocity, security measures were reinforced at key transport hubs, reflecting a nation on edge in the wake of this appalling act of violence. The White House expressed profound sympathy for the victims, denouncing the attack as an unfathomable act of brutality.

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Ukraine war: Attack on Belgorod shopping centre in Russia near border

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The governor of the Belgorod region reported that an air attack in the Russian city resulted in the deaths of at least five individuals and injuries to eighteen others. Videos on social media depicted ambulances outside a damaged shopping center with broken windows. Russian authorities stated that their air defense systems intercepted 14 Ukrainian missiles over the Belgorod region, with one missile striking a shopping center and another hitting a sports stadium.

Belgorod, situated approximately 30km from the Ukrainian border, has frequently been targeted by Ukrainian forces since Russia’s full-scale invasion of Ukraine began nearly two years ago. This recent attack follows a previous drone and rocket strike in December that claimed 25 lives and injured 100, marking the deadliest assault on Belgorod thus far.

In response to the ongoing conflict, Russia launched 26 missiles at Ukraine, resulting in the death of a woman in Chuguyiv and multiple injuries. Meanwhile, the battle for the eastern Ukrainian town of Avdiivka continues, with Ukrainian soldiers expressing concerns over shortages of weapons and ammunition.

NATO Secretary General Jens Stoltenberg cautioned that the US’s failure to approve continued military assistance to Ukraine is impacting the battlefield. Avdiivka holds strategic importance as a gateway to the Russian-controlled city of Donetsk and has been a focal point of conflict since the onset of the eastern Ukrainian conflict in 2014.

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