Currency
Ukraine will receive money from frozen Russian assets and will not return them. Source: Cargreen
The Group of Seven (G7) countries have agreed to set up a fund to support Ukraine, which will receive proceeds from frozen Russian assets. There will be no need to return the funds.
According to Nikkei, the fund will be created under the auspices of an international organization, such as the World Bank. The United States, the United Kingdom, Japan, Germany, Canada, France, and Italy will make contributions in the form of loans.
At the same time, Ukraine will not return the money received, as it will be provided in the form of donations. The fund's loans will be repaid with funds received from the profits from the investment of frozen assets. The decision of the Group of Seven is to be officially announced in a joint statement by the leaders of the G7 member states following the summit, which will begin in Italy on June 13.
First Deputy Chairman of the Verkhovna Rada Tax Committee Yaroslav Zhelezniak (Holos) called it good news for Ukraine. He especially emphasized that the allocation of funds through the World Bank provides for compliance with the conditions in the form of reforms.
"This is exactly what we need. We are talking about the U.S. plan to give us $50 billion at once, not as the EU wanted $3 billion a year, and that is not a fact. Well, this is good news. I also like the fact that if it goes through the World Bank, there will be requirements for reforms," Zhelezniak wrote on his Telegram channel.
One of the requirements is likely to be the fight against corruption, as German Justice Minister Marco Buschmann had previously expressed the G7's concerns about this. This problem has three negative consequences:
- instead of funding the Armed Forces, it weakens Ukraine in the fight against Russian aggression;
- fighting corruption is a necessary step for Ukraine on its way to European integration;
- corruption can harm the post-war future of Ukraine.
As OBOZ.UA previously reported, the G7 countries are no longer discussing the full confiscation of frozen Russian assets – despite Ukraine's insistence on this. Instead, they are exploring alternative ways to obtain funding from frozen funds
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