Macron and Biden seek G7 support for $50 billion Ukraine fund

French President Emmanuel Macron and US President Joe Biden
French President Emmanuel Macron and US President Joe Biden

French President Emmanuel Macron and U.S. President Joe Biden hope that all G7 countries will support a $50 billion fund for Ukraine from the proceeds of frozen Russian assets, Macron said during a joint press conference in Paris on June 8.

Read also: US and G7 advance plan to fund Ukraine with frozen Russian assets

France and United States will support Ukraine as long as necessary, said French leader.

Macron thanked Biden for his involvement in helping Ukraine. According to him, Russia's war against Ukraine concerns “the security and stability of Old Europe.”

“We both hope that all G7 members will agree to a 50-billion-dollar solidarity fund for Ukraine,” Macron said.

Macron also called the upcoming Global Peace Summit in Switzerland a “critical stage”.

"As for the Ukrainian issue, as I said before, we agree on the following: respect for international law, people's freedom to determine their future,

Read also: International partners near decision on Russian assets to aid Ukraine – FM Kuleba

"And thank you for being on the side of Europe,” French leader said to his American counterpart.

Earlier, U.S. suggested that it would provide Ukraine with a $50 billion loan, that could be repaid with proceeds from Russian assets. However, such proposals have not yet been agreed upon. The G7 is also asking what will happen to Russian assets if they are unfrozen in case of a peace agreement between Ukraine and Russia.

Next week, G7 members are expected to discuss this issue at the level of leaders at a meeting in Italy on June 13-15. Ukrainian President Volodymyr Zelenskyy will also be there.

Confiscation of Russian assets

The USA and EU are jointly considering legal authority to direct $300 billion in Russian assets to Ukraine's reconstruction and other needs, U.S. State Secretary Antony Blinken said.

The U.S. Senate Foreign Relations Committee approved a bill to confiscate Russian assets and transfer them to Ukraine to rebuild its infrastructure on Jan. 24.

Outlines of decisions necessary to transfer frozen Russian assets to Ukraine are already being prepared, Ukrainian President Volodymyr Zelenskyy said.

Read also: EU approves use of frozen Russian assets to support Ukraine

Bill No. 8038 on the transfer of frozen Russian assets to Ukraine received the required number of votes to be passed by the U.S. House of Representatives on April 20.

Ukraine may receive almost $8 billion as part of this procedure.

EU ambassadors reached a preliminary agreement on May 8 to direct revenue generated by frozen Russian assets toward supporting Ukraine.

The U.S. intends to use seized Russian assets to finance the reconstruction of Ukraine, Blinken confirmed on May 14, during a visit to Kyiv.

The first payment of surplus profits from the use of frozen Russian assets in the EU will be in July 2024, the European Commission announced on May 21.

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Read the original article on The New Voice of Ukraine