Biden promised more aid for Ukraine
U.S. officials are reportedly pushing other G7 member nations to agree on a $50 billion loan for Ukraine from Russian frozen assets. AFP

KEY POINTS

  • G7 members have yet to clear some aspects of such a loan, including repayment assurances
  • Sen. Graham said seizing frozen Russian assets and diverting them into Ukraine aid is a 'chance to reset this war'
  • Biden said he has reached an agreement on the matter with his French counterpart

The U.S. is pushing to finalize an agreement with Group of 7 (G7) members for $50 billion in loans to Ukraine using profits obtained from frozen Russian assets ahead of this week's summit in Italy, a report said.

U.S. officials are racing to secure the deal as the countries have not yet reached a consensus, especially over the loan agreement's financing details, CNN reported Sunday, citing sources with knowledge of the Biden administration's preparations for the G7 summit that kicks off Thursday.

Among the issues that have yet to be cleared are specific disbursement and repayment assurances, as well as the modalities of the loan. However, the Biden government has been pushing other G7 members Canada, the United Kingdom, Italy, France, Germany, and Japan to sign off on the loan due to Ukraine's dire situation.

Ukraine's President Volodymyr Zelensky will attend the Italy summit to once again plead for a lifeline for his country, which has been battered by Russia's attacks since the invasion in February 2022.

Sen. Lindsey Graham, R-S.C. told CBS News' "Face the Nation" on Sunday that the U.S. now has "a chance to reset this war," by using Russian assets around the world. He said there is a $300 billion stash "sitting in Europe from Russian sovereign wealth assets" that should be seized and used to provide more financial aid in Ukraine's defense against Russia.

He further said that "we have Russian money in America we should seize," adding that the government can turn Russia into a "state sponsor of terrorism under U.S. law."

So far, U.S. President Joe Biden has confirmed that he had reached an agreement with French President Emmanuel Macron on using profits from frozen Russian assets to provide further aid for Ukraine as it defends itself from Russian attacks.

It remains to be seen how other G7 countries will take news about the U.S.-France agreement, but Russia has said any diversion of profits from its frozen funds will be considered theft.

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