On Thursday, a senior administration official stated that the leaders of the Group of Seven nations have come to an agreement to provide Ukraine with a $50 billion loan. This loan is intended to help Ukraine cope with the consequences of President Vladimir Putin’s ongoing conflict with the country.
Russia’s frozen assets, predominantly held in Europe, would provide the funding for the loan. The loan aims to support military aid, humanitarian assistance, and reconstruction expenses. This decision coincides with the signing of a separate bilateral security agreement between President Biden and Ukrainian President Volodymyr Zelenskyy. The agreement commits to a decade of United States support to Ukraine, comprising military training, intelligence sharing, and weapons assistance.
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This week, Italy is hosting a series of G7 meetings with the participation of the leaders of the United States, Italy, Canada, Germany, France, and the United Kingdom. On Thursday, President Biden and Zelenskyy of Ukraine held a joint press conference in Italy.
According to Mr. Biden, a series of significant measures have been taken at the G7 to convey to Putin that he cannot outlast them. The US president emphasized that Putin cannot create divisions among them and that they will continue to support Ukraine until it achieves victory in the ongoing conflict. The first of these measures is the recent bilateral security agreement that has been signed. The second measure involves an unprecedented agreement to provide Ukraine with $50 billion worth of value from Russian sovereign assets. Lastly, there is an agreement in place to ensure that their sanctions efforts effectively disrupt third-party countries that are aiding Russia in its war efforts.
Zelenskyy expressed his gratitude towards Mr. Biden and Congress for their assistance and extended his appreciation to “every American heart that stands by the cause of freedom and supports us.”
Last year’s commitment to strengthen Ukrainian security has been fulfilled through the security agreement, which serves as a stepping stone towards Ukraine’s eventual invitation to join NATO. It’s worth noting that more than a dozen other countries have also established similar security agreements with Ukraine.
After concluding a series of meetings with leaders of other advanced industrialized economies, including the Italian Prime Minister Giorgia Meloni, the President held a news conference with Zelenskyy.
As he departed for Italy, President Biden received word that the Treasury and Commerce departments had implemented fresh sanctions directed at Russia and its military endeavors. The objective of these latest sanctions is to hinder Russia’s military expansion while it wages war in Ukraine. The sanctions will impede Russia’s ability to import materials necessary for the construction of military equipment, but will not affect the flow of food and other non-military goods into Russia.
According to recent reports, the Biden administration has authorized Ukraine to utilize U.S. weapons near the city of Kharkiv and across the Russian border. The White House announced this policy shift following Russia’s decision to open a new front in its ongoing war.
Earlier this week, reporters were briefed by national security adviser Jake Sullivan, who stated that their position on the matter was clear and practical. He pointed out that Russians were initiating attacks from one side of the border, directly into the other side of the border. Thus, Ukraine should have the right to retaliate and fire back across that border.
Mr. Biden reaffirmed on Thursday that the United States maintains its policy of prohibiting the deployment of longer-range American weapons within Russian borders.
Last week, Mr. Biden and Zelenskyy had a meeting during the D-Day memorial events in France. During the meeting, Mr. Biden took the opportunity to publicly apologize to Zelenskyy for the delay in military assistance that lasted for months. This delay had allowed Russia to gain advantages in its ongoing war, which was a matter of concern for both nations.
During their meeting in France, President Biden commended President Zelenskyy for his unwavering determination and strength, stating “You haven’t bowed down. You haven’t yielded at all.” He also praised Zelenskyy’s remarkable fight and pledged that the United States will not abandon Ukraine.
When asked about his satisfaction with the justice system during a press conference with Zelenskyy on Thursday, the President was questioned in light of his son Hunter’s recent conviction on felony gun charges. Mr. Biden reaffirmed his position that he will not grant a pardon to his son.
In a heartfelt statement, Mr. Biden expressed his immense pride in his son, Hunter. He acknowledged the uphill battle Hunter faced in overcoming addiction and shared his admiration for his son’s resilience and strength. Mr. Biden spoke highly of Hunter’s character, describing him as one of the kindest and brightest individuals he knows. When it comes to the recent legal proceedings, Mr. Biden made it clear that he will respect the decision made by the jury and will not intervene with a pardon.
