G7 to set up fund to help Ukraine from proceeds of frozen Russian assets

G7 to set up fund to help Ukraine from proceeds of frozen Russian assets

G7 countries will create a fund to support Ukraine using proceeds from frozen Russian assets.

This was reported by the Nikkei publication.

The fund will be created under the auspices of an international organization such as the World Bank. The US, UK, Japan and other countries will contribute in the form of loans. The proceeds from the investment of the frozen assets will be used to repay these loans.

The fund will provide assistance to Ukraine in the form of donations, so the country will not be obliged to return the money.

G7 leaders intend to reach an agreement on this issue at the summit in Italy.