 "Democracies can deliver: US, Ukraine sign historic 10-year defence agreement to counter Russian aggression")
In a show of support at the Group of Seven Nations (G7) Summit, US President Joe Biden signed a 10-year bilateral security agreement with Ukrainian President Volodymyr Zelenskyy. The treaty which was signed on Thursday, aims to bolster Ukraine’s defence against Russia and will also help the war-stricken nation to inch closer to membership in the North Atlantic Treaty Organisation (NATO).
The American Commander-in-Chief claimed that “democracies can deliver” as he announced that the G7 western economies had also reached an agreement that will mobilise an additional $50bn of aid to Ukraine. The aid will be accumulated by the member nations through the already frozen Russian assets.
All the promises and pledges were made at the G7 summit which is taking place in Italy. The bilateral deal between the United States and Ukraine would aim to commit future US administrations to support Ukraine. Even if former President Donald Trump came back to the White House, in November, the US would still be obligated to support Ukraine until Trump came up with a different executive order.
Biden delivers G7’s message to Russia
During a joint press conference with his Ukrainian counterpart, Biden said that the G7’s message to Russian President Vladimir Putin is “You cannot wait us out. You cannot divide us.” “Our goal is to strengthen Ukraine’s credible defence and deterrence capabilities for the long term,” he added.
Zelenskyy went on to call the agreement historic, saying that it would act like a bridge towards his country’s eventual membership in NATO. “This is an agreement on security and thus on the protection of human life,” he said.
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View All🇺🇦🇺🇸 Today is a truly historic day. We signed the strongest agreement between Ukraine and the United States since our independence. pic.twitter.com/z0JM9qEzrh
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) June 13, 2024
As per the agreement, in the event of an armed attack or threat of such an attack in Ukraine, top US and Ukrainian officials will meet within 24 hours to consult on a response and determine what additional defence needs are required for the eastern European nation.
The agreement also outlines plans to develop Kyiv’s own defence industry and expand the country’s military.
What’s in store for Ukraine in the G7 agreement?
Earlier in the day, the POTUS rallied Western political leaders as Europe continues to face the political rise of the right-populists. “We stand at an inflection point in history that occurs every five or six, seven generations, and the decisions that we make now will determine the course of our future," he told the gathering of the world leaders.
“I’m proud to announce the US has mobilised more than $50bn in investments around the world. Together we are showing democracies can deliver," he added.
His remarks came after the G7 nations reached an outline provisional deal to use the profits derived from frozen Russian sovereign assets to underwrite a $50bn loan to Ukraine. Under the deal, a loan syndicate would be established including multiple lenders sharing risk.
However, the scheme will not be entirely run by the EU or the US. Not only this, the interest of the large loans will be funded not by Ukraine but by the profits made from the frozen Russian state assets.
Speaking on the matter, Jake Sullivan, the US national security adviser, said: “The simple proposition is we got to put these assets to work. The complex proposition is how you do that specifically. I think we are on the verge of a good outcome.”
The Biden administration is also working at ensuring that the loan starts reaching Ukraine way before the highly anticipated US presidential elections. That way, it will be hard for the fund to be unravelled if Trump comes to power.
With inputs from agencies.
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