G7 Leaders Reach Deal to Unlock Frozen Russian Assets for Ukraine

PUGLIA, Italy—G7 leaders reached an agreement on June 13 to utilize frozen Russian assets in their continued support of the war in Ukraine. The G7 will provide Ukraine with a loan using frozen Russian assets as collateral. The total sum is unclear at this time, but the United States has committed $50 billion alone. The risk will be shared among the other G7 nations. Senior Biden administration officials told reporters that the loan will begin this year, and emphasized that this effectively makes Russia pay for the loan rather than the taxpayers in the United States and G7 countries. “Russia pays,” said one senior administration official. “The income comes from the interest stream on the immobilized assets, and that’s the only fair way to be repaid. The principle is untouched for now. But we have full optionality to seize the principal later if the political will is there.”...