 "Ukraine in focus at G7 summit: Can Volodymyr Zelenskyy expect some relief for war-torn country?")
The leaders of the Group of Seven (G7) advanced democracies have gathered for their annual summit in Puglia, Italy. The wars in Ukraine and Israel-Palestine are at the top of the agenda at the G7 summit, taking place between 13-15 June.
The G7- comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States- is poised to introduce a range of measures designed to support Ukraine, applying pressure on Russia and its allies.
We explain how this G7 summit is likely to bring some much-needed relief to Ukraine.
Financial support and loans for Ukraine
Shoring up financial support for Ukraine is a top priority at the G7 meeting. US and European officials are exploring innovative ways to fund Ukraine’s needs, especially in light of potential political shifts in the U.S. that could affect future support. One significant proposal involves using the profits generated by immobilized Russian assets to provide a substantial up-front loan to Ukraine.
The G7 nations and the European Union are considering using interest earned on approximately $281 billion of Russian central bank funds to secure a $50 billion loan for Ukraine. This innovative financial mechanism could provide crucial funding for Kyiv by the end of the year, supporting its ongoing fight and stabilizing its economy.
Volodymyr Zelenskyy’s bilateral meetings
Ukrainian President Volodymyr Zelenskyy is actively engaging with world leaders on the sidelines of the G7 summit to secure further support. In a post on social media platform X on 13 June, he said, “Today, I will attend the G7 meeting and hold a number of bilateral meetings. I will meet with the Summit’s host, Italian Prime Minister Giorgia Meloni, as well as Canadian and UK Prime Ministers Justin Trudeau and Rishi Sunak.”
Impact Shorts
More ShortsZelenskyy revealed that Kyiv will sign bilateral security agreements during meetings with US President Joe Biden and Japanese Prime Minister Fumio Kishida. He mentioned that for Ukraine, the main issues are developing a fighter jet coalition, expediting pilot training, and accelerating aircraft delivery. “Development of the Ukrainian air defense system based on the most powerful Western systems, as well as an increase in long-range capability. Approval of the format for using Russian assets to benefit Ukraine, particularly in the development of our defence industry, and joint weapon production,” he said.
Sanctions and export controls on Russia
One of the key strategies discussed at the G7 summit is the implementation of new sanctions and export controls targeting Russia. These measures are intended to cripple entities and networks aiding Russian military efforts. The US has already expanded its sanctions, targeting companies, particularly those based in China, that supply semiconductors to Russia. This move aims to disrupt the flow of critical technology to the Russian military.
The Commerce Department in the US has also taken action against shell companies in Hong Kong that divert semiconductors to Russia, impacting nearly $100 million worth of high-priority items for Moscow. These efforts are part of a broader strategy to weaken Russia’s war economy and its ability to sustain military operations against Ukraine.
Pressure on China
By announcing new restrictions on Chinese firms ahead of the G7 meeting, President Biden aims to rally Western allies to take a firmer stance against Beijing’s support for Russia. The restrictions are intended to curb China’s role in supplying critical materials to Russia, thereby limiting Moscow’s capacity to sustain its military operations. This move also highlights the interconnected nature of global politics and the strategic importance of unified action against aggressor states.
Sending a message to Russia
US President Joe Biden is set to sign an unprecedented security agreement with Ukraine during the G7 summit.
According to White House National Security Adviser Jake Sullivan, this agreement will send a resolute message to Russia about the steadfast nature of the coalition backing Ukraine. “If Vladimir Putin thinks he can outlast the coalition supporting Ukraine, he’s wrong,” he said.
Additional support measures
Beyond financial mechanisms and sanctions, the G7 summit will see various leaders pledging additional support for Ukraine. For instance, UK Prime Minister Rishi Sunak is set to announce up to $309 million in support for Ukraine’s energy and humanitarian needs. This support is crucial for helping Ukraine manage the immediate impacts of the conflict on its civilian population and infrastructure.
Overall, it is expected to be a fruitful summit for Ukraine.
With inputs from agencies
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