G7 strikes provisional deal on using Russian assets for $50B Ukraine loan

But Western countries still have to agree on the details of the scheme, leaving open the possibility that technical talks might drag on for months.

“The exact details of how the loan will be structured are to be defined by the finance ministers by the end of the year,” a source from a G7 country with knowledge of proceedings said. The declaration also sets “the end of the year” as the deadline to finalize an agreement.

The United States is heaping pressure on its European allies to look into ways to secure cash for Kyiv amid fears that presumptive Republican nominee Donald Trump’s potential reelection to the U.S. presidency in November could halt Western support to Ukraine.

Each Western country would channel its own loan to Ukraine, according to the deal which was informally agreed hours before President Volodymyr Zelenskyy joined a session focusing on support to the war-torn country.

G7 countries agreed that individual loans will be channeled through the Extraordinary Revenue Acceleration Loans for Ukraine (ERA), although the details still have to be defined.

The preliminary deal will be discussed by leaders later on Thursday, although no single G7 country is expected to oppose it.