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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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Italy’s Meloni basks in G7 limelight with Western leaders

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Two contrasting accommodation options were presented for the G7 summit in Puglia, Italy: the luxurious Borgo Egnazia resort, known for hosting celebrities like Madonna and the Beckhams, and a deteriorating ship moored off Brindisi for the 2,600 police officers, criticized for its appalling conditions. The resort houses world leaders, while the ship, costing the Italian government €6m and now under fraud investigation, exemplifies the disparity in treatment.

Italian Prime Minister Giorgia Meloni, buoyed by her party’s success in the European elections, hosts the summit, highlighting Italy’s newfound political stability compared to other G7 nations facing political turmoil. Meloni’s government is portrayed as the strongest amidst leaders like Biden, Sunak, and Trudeau, who are struggling domestically.

Low expectations surround the summit due to the precarious political climate in many G7 countries. However, a significant plan to loan Ukraine $50bn from frozen Russian assets is anticipated. Additionally, Sunak will announce substantial support for Ukraine’s energy and humanitarian needs.

Sessions will address the climate crisis, investment in Africa, the Middle East ceasefire, and AI regulation, with Pope Francis attending for the first time. Efforts to broaden global consensus include inviting leaders from Brazil, Turkey, Saudi Arabia, and Algeria. Locals in Puglia, like ice-cream maker Vincenzo Iannacone, express pride and excitement for the summit, hoping it brings positive attention to their region.

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Putin cautions that Russia might supply weapons to attack the West

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Russian President Vladimir Putin has issued a warning that Moscow may consider arming other countries to target Western interests in response to the West providing long-range weapons to Ukraine. He criticized Western nations, including the United States and Germany, for enabling Ukraine to strike targets within Russia, which he claimed could result in “very serious problems.”

Putin argued that if the West supplies weapons to attack Russian territory, Moscow has the right to reciprocate by supplying similar weapons to regions that could strike sensitive targets in those countries. He did not specify which countries Russia might arm but suggested the response would be asymmetric.

Germany was specifically mentioned by Putin, who said that Berlin’s decision to allow Ukraine to use German-made long-range weapons against Russia has definitively harmed Russian-German relations. He also noted that while U.S. President Joe Biden has permitted Ukraine to use American-supplied weapons in the Kharkiv region, the White House has restricted the use of long-range ATACMS missiles on Russian soil.

Recent reports indicate that Ukraine has used U.S. weapons to strike targets inside Russia. Meanwhile, intense fighting continues near Kharkiv, close to the Russian border.

UK Foreign Secretary Lord Cameron emphasized that it is Ukraine’s decision how to use British-supplied weapons, asserting Ukraine’s right to target Russian territory. Additionally, Ukraine claims North Korean missiles are being used against them, and Western intelligence suggests Russia is deploying Iranian-made drones in the conflict.

Putin reiterated Russia’s nuclear doctrine, warning that Moscow might use nuclear weapons if its sovereignty and territorial integrity are threatened. He criticized the West for assuming Russia would never resort to nuclear escalation and dismissed the notion that Russia intends to attack NATO territories as “complete nonsense.”

These statements were made at the annual St. Petersburg International Economic Forum, where Putin also underscored that portraying Russia as an enemy only harms those who do so.

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Russia link suspected in Eiffel Tower coffin mystery

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French intelligence officials believe Russia orchestrated a stunt involving five coffins draped in French flags, labeled “French soldiers of Ukraine,” placed near the Eiffel Tower. Three men, seen arriving in a van on Saturday morning, left the coffins, which contained plaster sacks. Police quickly apprehended the driver, a Bulgarian who claimed he was paid €40 by two others to transport the coffins. These two, a Ukrainian and a German, were later caught at Bercy coach station while attempting to board a bus to Berlin. They admitted to being paid €400 to deposit the coffins. All three were presented before a judge on Sunday as a judicial investigation began for “violence with premeditation.”

This incident is being investigated to determine if it was orchestrated from abroad, recalling two recent events where French police suspect Russian involvement. In October, Stars of David resembling the Israeli flag were stenciled in Paris after a Hamas attack on Israel. A Moldovan couple, believed to have been paid by Russian intelligence, was arrested. Last month, red hands were painted on a Holocaust memorial in Paris, with suspects fleeing abroad. One individual involved in the coffins incident had contact with a Bulgarian suspect linked to the red-hands affair, identified as Georgi F. by Le Monde.

Tensions between France and Russia have risen, partly due to President Emmanuel Macron’s stance on potentially sending French soldiers to Ukraine. Recently, discussions about sending French military instructors to Ukraine have intensified, which investigators think might have prompted Russian intelligence to stage the coffins stunt to demonstrate opposition to deeper French involvement in the Ukraine war. Previous incidents included teams with photographers whose images appeared on Russian propaganda websites.

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Zelensky accuses Russia and China of undermining summit

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Ukrainian President Zelensky has accused Russia and China of trying to sabotage his upcoming global peace summit in Switzerland. He claims Russia is pressuring countries not to attend and alleges China is assisting in this effort. Zelensky made these statements at an Asian security forum, where he urged delegates to attend his summit focused on nuclear security, food security, and the release of prisoners of war and Ukrainian children held in Russia.

Despite 106 countries confirming attendance, Russia has not been invited and China is not participating. Zelensky criticized China for being an instrument in Putin’s hands and accused China of supplying elements for Russia’s weaponry. However, China denies supplying weapons to either side of the Ukraine conflict and asserts its commitment to peace.

Zelensky also discussed with US Secretary of Defense Austin the US decision to allow Ukraine to use American weapons on Russian territory, albeit with restrictions. This move by the US and other Western states has drawn warnings from Russia about serious consequences.

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Biden Authorizes Ukraine to Target Certain Sites in Russia Using US Arms

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US President Joe Biden has reportedly authorized Ukraine to utilize American-supplied weaponry to target specific sites within Russia, particularly in the vicinity of the Kharkiv region. This directive aims to enable Ukraine to retaliate against Russian forces attacking or preparing to attack them.

Recent advances by Russian forces in the Kharkiv region, close to the Russian border, have prompted this decision. Despite this, the United States maintains its stance against allowing the use of long-range strikes or the Army Tactical Missile System (ATACMS) within Russian territory.

Regarding the possibility of targeting Russian aircraft, US officials stated that Ukraine has not been prohibited from defending itself against Russian planes flying over Russian soil. While the UK and some European leaders have expressed openness to relaxing restrictions on the use of Western-supplied weapons by Ukraine, the US has previously been hesitant due to concerns about escalation.

However, recent events have prompted a shift in this approach, as indicated by US Secretary of State Antony Blinken during a visit to Moldova. Russian forces have taken advantage of opportunities to advance further into Ukrainian territory, particularly in Kharkiv, amid delays in the arrival of additional Western weapons to Ukraine.

Recent attacks, including the bombing of a supermarket and a residential building, have resulted in civilian casualties and extensive damage, with Ukrainian officials accusing Russian forces of targeting civilian infrastructure.

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Eagles changed migration route to avoid Ukraine war

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Researchers studying the migration patterns of Greater Spotted Eagles have found that these birds altered their usual routes across Ukraine in response to the conflict and environmental damage caused by war. They believe the eagles avoided dangers such as artillery fire and troop buildups, likely due to damage to their habitats.

The study, published in Current Biology by researchers from the Estonian University of Life Sciences and the British Trust for Ornithology, reveals that the eagles deviated significantly from their usual paths, spent less time at refueling sites, and traveled longer distances. These changes resulted in delays and increased energy expenditure for the birds.

While all tracked birds survived, the researchers are concerned about the potential long-term effects on their breeding capabilities. As the Greater Spotted Eagle is classified as a vulnerable species, any disruption to their migratory patterns and breeding performance is considered a significant conservation concern.

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G7 leaders to discuss €30bn loan for Ukraine using Russian assets

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The G7 finance ministers are set to discuss whether Ukraine can receive an additional €30 billion loan from seized Russian assets totaling €270 billion. This proposal has sparked division within the G7, particularly between the US and Germany. While some advocate for full asset seizure, others, including Christine Lagarde, ECB president, raise legal and economic concerns.

The US and UK propose mobilizing the frozen assets to provide a substantial loan to Ukraine, with interest paid from the profits of the seized Russian assets. They argue this approach avoids the need for asset confiscation, which could disrupt the international legal order and financial stability.

Belgium, holding the largest share of Russia’s frozen assets within the G7, has already generated significant investment income from these assets. It has agreed to allocate a portion of this profit to a joint G7 fund for Ukraine.

Critics argue that using the assets as collateral for a loan effectively amounts to confiscation. However, some legal scholars suggest that under the doctrine of state countermeasures, seizure may be justified.

Overall, there is contention over whether to provide Ukraine with a substantial loan using the seized assets, with concerns about legal implications and potential repercussions for financial stability and international relations.

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Slovakia PM Robert Fico not in life-threatening condition – deputy PM

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Slovak Prime Minister Robert Fico underwent surgery after sustaining multiple gunshot wounds during an attack in Handlova. Initially in critical condition, his health has since stabilized. The incident, deemed politically motivated, has drawn widespread condemnation and raised concerns about democratic stability. Despite the suspect’s detention, the motive behind the shooting remains uncertain.

Deputy Prime Minister Tomas Taraba suggested that false narratives propagated by opposition parties may have fueled the attack, echoing previous concerns expressed by Fico about the potential consequences of such rhetoric. The shooting underscores simmering political tensions within Slovakia, sparking debates about the role of inflammatory discourse in shaping the country’s political climate.

The incident has ignited discussions about the broader implications of divisive language in Slovakian society. President Zuzana Caputova highlighted the serious ramifications of such rhetoric, emphasizing its potential to incite violence. The shooting serves as a stark reminder of the dangers posed by polarizing narratives and underscores the need for constructive dialogue and unity in the face of political differences.

Fico, known for his controversial policies, including calls to end military aid to Ukraine and efforts to abolish the public broadcaster RTVS, has faced significant opposition both domestically and within the EU since returning to power. The attack on him amplifies existing concerns about political stability and underscores the challenges facing Slovakian democracy in navigating polarized political landscapes.

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Vladimir Putin removes Sergei Shoigu from Russian defence ministry

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The Kremlin has announced the removal of long-time ally Sergei Shoigu from his position as defense minister, replacing him with Deputy Prime Minister Andrei Belousov, who lacks significant military experience. Shoigu will be appointed secretary of Russia’s Security Council. This move, a rare reshuffle in Russian politics, is seen as reflecting President Putin’s decision-making authority, particularly regarding the conflict in Ukraine.

Belousov’s appointment surprises many due to his background as an economist. However, analysts suggest this decision aligns with Putin’s aim to integrate the Russian economy more closely with military efforts. Kremlin spokesperson Dmitry Peskov emphasized the need for innovation in the defense ministry, comparing Russia’s situation to the mid-1980s Soviet Union when a large portion of GDP was allocated to military spending.

The decision to appoint a civilian to such a significant military role underscores the changing priorities within the Kremlin and the necessity to improve efficiency in the armed forces amid ongoing conflicts. Recent events, including the arrest of one of Shoigu’s deputies on corruption charges and prolonged military engagement in Ukraine, likely contributed to speculation about Shoigu’s weakening position.

While Shoigu will retain influence as secretary of the Security Council, his reassignment may be interpreted as a demotion. The future of Nikolai Patrushev, the council’s current head, remains uncertain. Shoigu, who has a civil engineering background, gained prominence in the 1990s as head of the emergencies and disaster relief ministry.

Belousov, described as a staunch defender of the state who believes Russia faces numerous external threats, shares a close relationship with Putin and the Russian Orthodox Church. He has practiced martial arts, including karate and sambo, and previously served as an aide to Putin. His support for the annexation of Crimea in 2014 aligns with Putin’s policies.

Putin’s recent reelection for a fifth term with an overwhelming majority solidifies his leadership position in Russia, which he has held since 2000.

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