In the presence of President Volodymyr Zelensky, in a gesture of solidarity and support «for Ukraine’s fight for its freedom and for its reconstruction, we decided to make approximately 50 billion dollars available by exploiting the extraordinary revenues of Russian sovereign assets immobilized, sending an unmistakable signal to President Putin. We are intensifying our collective efforts to disarm and defund the Russian military industrial complex.” This is what we read in a passage in the preamble of the draft final declaration of the G7 of Borgo Egnazia.
«In order to support Ukraine’s current and future needs for a sustained defense against Russia, the G7 will launch the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, in order to make approximately 50 billion available to Ukraine dollars in additional funding by the end of the year”, reads the text, in the paragraph ‘Strong support for Ukraine. «Therefore, without prejudice to any other contributions and in a joint manner, the G7 will use future extraordinary revenue streams arising from the immobilization of Russian sovereign assets held in the EU and other relevant jurisdictions to pay the loan and debt service. To this end, we will work to obtain authorization in such jurisdictions to use future streams of such windfall revenue for debt service and loan repayment. We confirm that, in accordance with all applicable laws and our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage caused to Ukraine. .. We intend to provide this financing through multiple channels that direct the funds to Ukraine’s military, budgetary and reconstruction needs, within the constraints of our respective legal systems and administrative requirements.”
