President Volodymyr Zelensky arrived at the Group of Seven (G7) summit in Italy on June 13, receiving a warm welcome from Italian Prime Minister Giorgia Meloni.
According to Kyev Independent the summit is set to focus on providing further support to Ukraine amidst ongoing Russian aggression.
Bilateral Security Agreements
This visit is part of Zelensky's broader diplomatic efforts, which recently included a trip to Berlin for the Ukraine Recovery Conference and an upcoming peace summit in Switzerland.
During the G7 summit, Zelensky is scheduled to hold bilateral talks with several world leaders, including U.S. President Joe Biden.
These discussions aim to solidify international support for Ukraine. Zelensky has announced plans to sign bilateral security agreements with both the U.S. and Japan while at the summit.
These agreements are expected to strengthen Ukraine's security measures and international alliances, reinforcing the country's defense capabilities against Russian aggression.
Utilizing Frozen Russian Assets
A significant topic on the agenda is the use of frozen Russian assets to aid Ukraine. After extensive discussions, G7 leaders have reportedly reached a consensus on this matter.
On June 12, the French presidency announced that the bloc has agreed to allocate $50 billion to Ukraine by the end of the year, utilizing profits from frozen Russian assets.
The proposed fund will be established under an international organization, such as the World Bank, and will feature contributions in the form of "Extraordinary Revenue Acceleration" (ERA) loans.
This innovative approach will allow immediate financial support to Ukraine, leveraging the annual income of approximately $3.2 billion generated from the $300 billion in frozen Russian assets.
