In an interview with French broadcaster TF1 on May 13, Macron discussed new Russia sanctions and stationing French nuclear weapons in other European countries as a deterrent against Russia.
Performing their song "Bird of Pray," Ukrainian band Ziferblat passed the Eurovision semi-finals on May 13, qualifying Ukraine for the grand final on May 17.
Kremlin spokesperson Dmitry Peskov confirmed that a Russian delegation will be in Istanbul on May 15 for direct peace talks with Ukraine. Foreign Minister Sergey Lavrov and Putin’s foreign policy aide Yuri Ushakov will likely represent Russia.
The move follows Ukraine's ratification of the minerals agreement, deepening U.S.-Ukraine economic ties and signaling expanded U.S. involvement in Ukraine's long-term recovery.
"Ukraine has initiated a coordinated campaign to vilify Hungary in order to undermine our initiative to hold a poll on (Kyiv's) EU membership," Hungarian Prime Minister Viktor Orban said.
German Chancellor Friedrich Merz warned that further concessions from Ukraine during negotiations would be unreasonable if Russia continues to attack civilian targets.
U.S. President Donald Trump's special envoys, Steve Witkoff and Keith Kellogg, will travel to Istanbul for possible peace talks between Ukraine and Russia, Reuters reported on May 13, citing three undisclosed sources.
President Volodymyr Zelensky said he will meet with Turkish President Recep Tayyip Erdogan in Ankara, but said both leaders are ready to fly to Istanbul if Russian President Vladimir Putin chooses to attend the talks there.
Flags representing the participants of the Group of Seven (G7) leaders summit at the Borgo Egnazia resort in Savelletri, Italy, on June 13, 2024. (Francesca Volpi/Bloomberg via Getty Images)
Editor's note: This article has been updated to reflect details revealed on Oct. 28 as to how much country will contribute as part of the loan package.
The Group of Seven (G7) has reached an agreement to provide Ukraine with approximately $50 billion in loans backed by the revenue from foreign Russian assets, the G7 announced on Oct. 25.
"Our aim is to begin disbursing the funds by the end of the year," a statement from the G7 leaders read.
During the G7 summit in Italy in June, G7 leaders publicly confirmed an agreement on the plan to provide Ukraine with a $50 billion loan. Officials said shortly thereafter that the plan would be finalized in October.
"Today, we, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine," the Oct. 25 statement reads.
"These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets, in line with G7 respective legal systems and international law. "
The funds will support Ukraine's economic, defense, and reconstruction needs.
On Oct. 28, Italy, serving in the rotating presidency of the G7, announced finalized details around each country's contribution to the loan package, Japanese media outlet Nekkei reported.
The United States will contribute the bulk of the loan with $20 billion in assistance. The U.S. is closely followed by European Union countries, including France, Germany, and Italy, with a combined $19.4 billion. The remaining approximately $10 billion will be divvied up with Canada providing $3.7 billion, Japan providing $3.07 billion, and the U.K. providing $2.9 billion in loan funding.
While Western countries have frozen $300 billion in Russian assets, they can only access the annual income generated by these funds, approximately $3.2 billion. These profits will back the $50-billion loan to Kyiv, while the vast majority of the assets are frozen in European countries.
Speaking at the G7 summit in June, President Volodymyr Zelensky called on G7 leaders to back the $50-billion plan but also urged the creation of a mechanism for the full confiscation of $300 billion in frozen Russian funds.
Abbey Fenbert is a senior news editor at the Kyiv Independent. She is a freelance writer, editor, and playwright with an MFA from Boston University. Abbey served as a Peace Corps Volunteer in Ukraine from 2008-2011.
Asami Terajima
