During their meeting on the sidelines of the Group of Seven summit in Italy, President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the U.S. and Ukraine. The signing ceremony will take place on Thursday in Brindisi, Italy.
The negotiators of the group have also come to a consensus on the manner in which Ukraine will receive funding of up to $50 billion, which will be secured by the frozen assets of Russia.
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A wealthy group of international democracies is currently exploring strategies to utilize the frozen Russian assets, which amount to over $260 billion and are primarily situated outside of Russia, to aid Ukraine in its battle against Russian President Vladimir Putin’s aggressive military campaigns.
Officials in Europe have been hesitant to seize frozen Russian assets due to concerns regarding legal and financial stability. However, a recent proposal has suggested using the interest generated from these assets to aid Ukraine’s war efforts. A representative from the French presidency has verified this agreement, revealing that the majority of the funds will come in the form of a loan from the U.S. government. The loan will be supported by the proceeds from the frozen Russian assets held by the European Union. Two other sources familiar with the matter have confirmed this arrangement.
As the summit drew closer, negotiators were in the midst of finalizing the legal terms of the deal. Technical discussions were ongoing to ensure that all necessary details were addressed before the agreement was signed.
As Biden arrived in Italy with a sense of urgency to accomplish significant goals, the announcement of the agreement became noteworthy. The White House stated that the security arrangement on Thursday was intended to convey a message to Russia about America’s commitment to supporting Kyiv.
According to Jake Sullivan, the national security adviser, the security agreement does not entail committing U.S. troops to Ukraine’s defense against Russia’s invasion. This is a red line for Biden, who fears being drawn into a direct conflict between the two nuclear-armed powers.
According to Sullivan, the objective is to showcase America’s unwavering support for the Ukrainian people. He emphasized the United States’ commitment to stand by them and provide assistance in addressing their security concerns. Sullivan stated that the agreement would serve as a testament to the country’s determination to support Ukraine.
During a conversation aboard Air Force One, Sullivan explained that the financing plan aimed to secure a loan that would utilize the windfall profits from Russia’s seized assets. This loan would provide Ukraine with a substantial source of funding to meet their immediate needs.
Although the national security adviser did not disclose the exact amount, he did mention that he had a specific sum of money in mind. It is unclear whether this figure is $50 billion or not. However, he emphasized the importance of providing financial assistance to Ukraine as quickly as possible, and assured that several countries would support this agreement.
According to Sullivan, the aim is to equip Ukraine with essential resources for its economic, energy, and other requirements. This will enable the country to develop the necessary resilience to counter Russia’s ongoing aggression.
As the G7 leaders gather for their annual meeting this year, it marks three years since President Biden proclaimed that America was once again a global leader, following the upheaval of Western alliances during the Trump administration. With elections looming, this could potentially be the final summit for President Biden and his counterparts from the G7 countries.
During the summit, Biden and leaders from Canada, Britain, France, Germany, Italy, and Japan will engage in discussions centered around several challenges, including artificial intelligence, migration, the resurgence of the Russian military, and China’s economic power. The event will also be attended by Pope Francis, Zelenskyy, and Turkish President Recep Tayyip Erdogan at the Borgo Egnazia resort located in the southern Italian region of Puglia.
As the summit kicked off on Thursday, it came at a time when far-right parties across Europe made unexpected gains in the recently concluded European Union elections. The impact of their victories, combined with the upcoming elections in the United Kingdom, France, and the United States, has sent shockwaves through the global political establishment, adding even more significance to this year’s summit.
According to Josh Lipsky, the senior director of the Atlantic Council’s GeoEconomics Center, an international affairs think tank, US and European officials often express concerns about the consequences of not taking action on China and assets. Lipsky noted that these officials worry about the unknown future, as they cannot predict how the world will look like in three, six, or nine months.
The G7 is a group of industrialized democracies that convene annually to discuss shared concerns and issues. President Biden’s visit to the UK marks his second trip outside the US in two weeks, following his state visit to France last week. During his time in France, he attended ceremonies in Normandy commemorating the 80th anniversary of the D-Day landings in World War II.
The previous week’s visit had a festive ambiance, but this one will be focused on urgent worldwide concerns, particularly on how to sustain financial aid to Ukraine in its fight against Russia’s incursion. Biden’s trip coincides with his son Hunter’s conviction on federal gun charges, which is bound to have a significant impact on the president’s thoughts.
As President Biden returns from his recent trip to France, he is already preparing for his next trip to Europe, where he will attend the G7 summit. The summit will provide an opportunity for world leaders to come together and discuss important issues such as Ukraine support and migration. Biden will be able to share his insights and ideas with other leaders, as they work towards finding solutions to these complex issues. The G7 summit is an important event that will shape the future of international relations, and Biden’s participation is crucial in ensuring that the United States remains a key player in the global community.
According to Jennifer King, an AP correspondent, President Volodymyr Zelenskyy of Ukraine is scheduled to attend the G7 summit in Italy on Thursday and will have a meeting with President Biden.
In 2024, despite the many pressing global challenges, White House national security spokesman John Kirby noted that world leaders still felt a sense of relief that “America was back,” referring to President Biden’s 2021 speech at the G7 in England.
Kirby stated that Biden’s message was that democracies must take action and demonstrate their ability to provide for their citizens. This remains relevant now more than ever.
According to Kirby, the United States is ready to collaborate with democratically elected officials in the European Union, regardless of their identity. However, some of the newly appointed officials have displayed lesser support for Ukraine compared to the present leaders.
Kirby expressed his confidence that the collaboration with EU partners on matters concerning shared interests across Europe, including backing Ukraine, will continue, regardless of the individuals occupying seats in the European Parliament.
During the G7 summit, Biden and Zelenskyy are set to hold a joint news conference following their meeting in Paris last week. Additionally, Biden will be meeting with Italian Prime Minister Giorgia Meloni, as well as the pope and other prominent leaders.
In his unwavering commitment to Ukraine, Biden recently offered a public apology to Zelenskyy for the months-long delay in Congress authorizing additional American military assistance. He firmly believes that “we will not walk away” from Ukraine, and rightfully so, as the delay gave Russia an opportunity to make headway on the battlefield.
According to Sullivan, the security agreement is a crucial step towards Ukraine’s eventual invitation to join the NATO alliance. President Zelenskyy has made joining NATO a top priority, but the alliance has stated that it will only happen once the conflict between Russia and Ukraine ends. Putin has been a strong opponent of Ukraine joining NATO. Sullivan referred to the agreement as a “bridge” towards achieving this goal.
In the midst of the presidential election, Biden has planned back-to-back trips to France and Italy, which is a rare doubleheader of diplomacy. However, he will not be present at the Ukraine peace conference in Switzerland this weekend, as he is set to attend a campaign fundraiser with prominent Hollywood personalities in Los Angeles. Representing the U.S. at the conference will be Vice President Kamala Harris.
According to two officials from the United States, the Biden administration declared on Tuesday that it will be providing Ukraine with another Patriot missile system to assist in protecting the nation against potential Russian assaults, despite the setbacks in military aid.
On Wednesday, the United States unveiled new sanctions aimed at Chinese firms that assist Russia in its military operations in Ukraine, in addition to targeting Russia’s financial infrastructure. According to Sullivan, this move will increase the potential risks for foreign financial institutions dealing with Russia’s war economy.
During his upcoming discussions, Biden is anticipated to address a range of economic concerns that have arisen due to Chinese manufacturing overcapacity. Additionally, he will explore methods to effectively utilize artificial intelligence, ensuring that any potential national security risks are managed. Moreover, global migration is set to be a topic of discussion during these talks.
Managing the arrival of large numbers of migrants remains a challenge for the U.S. and other G7 nations. The reasons for migration are complex, ranging from war to climate change and drought. The issue of migration and how countries deal with the increasing numbers at their borders has played a role in the rise of far-right politics in some parts of Europe.
