The G7 summit, which also included Turkey, opened with an agreement to use Russian assets for Ukraine

The G7 summit opens with an agreement on the US proposal to provide a $50 billion loan to Ukraine using frozen Russian assets as collateral.

Diplomats confirmed the agreement was agreed before the leaders landed in southern Italy for a three-day summit.

The US proposal proposes that approximately $260 billion in profits from frozen Russian central bank assets located in many European Unions be used to aid Ukraine, and that the US government lend Kiev $50 billion, with the profits from immobilized funds used as collateral. Contains.

A French official briefing journalists on Wednesday said that a political decision had been reached among the leaders, but the technical and legal details of the asset utilization system needed to be resolved. The issue is complicated because if Russian assets are ever dissolved (for example, if the war ends) then windfall profits will no longer be available to pay off the loan and a burden-sharing arrangement with other countries will be required.

Ukrainian President Volodymyr Zelenskiy will also attend the summit and is expected to sign a different bilateral security agreement with US President Joe Biden.

Apart from the Ukraine war; Pope Francis will be the first pope to address a G7 summit.

The Pope, who will speak about the promises and dangers of artificial intelligence on Friday, is also expected to reiterate his invitation to end the wars in Ukraine and Gaza peacefully.

The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Host Italy invited many African leaders, such as Algerian President Abdelmadjid Tebboune, Kenyan President William Ruto and Tunisian President Kais Saied, to support Italy’s African initiatives.

Other guests include Brazilian President Luiz Inácio Lula da Silva, newly-elected Indian Prime Minister Narendra Modi and Turkish President Recep Tayyip Erdoğan.

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