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Giorgia Meloni, Italy's prime minister, greets Volodymyr Zelensky, Ukraine's president, on the opening day 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)
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President Volodymyr Zelensky arrived at the Group of Seven (G7) summit in Italy on June 13 and was welcomed by Italian Prime Minister Giorgia Meloni.

The summit is expected to address the group's further support for Kyiv as it continues to face Russian aggression.

Zelensky's visit, coming shortly after the trip to Berlin for the Ukraine Recovery Conference and ahead of the Switzerland peace summit, will include bilateral talks with world leaders, namely U.S. President Joe Biden.

Zelensky said earlier today that he would sign bilateral security agreements with the U.S. and Japan during the summit.

A key point on the agenda of the meeting of the world's wealthiest democracies is the use of frozen Russian assets for the benefit of Ukraine.

After months of back-and-forth discussions between Washington and Europe, G7 leaders appear to have reached an agreement on Russian funds.

The French presidency reportedly said on June 12 that the bloc has agreed to provide Ukraine with $50 billion by the end of the year using profits from frozen Russian assets.

The fund will reportedly be created under an international organization such as the World Bank, with contributions in the form of "Extraordinary Revenue Acceleration" (ERA) loans.

While Western countries have frozen $300 billion in Russian assets, they can only access the income generated by these funds, approximately $3.2 billion, annually.

By setting up a fund with loans to be repaid using this income, countries can offer immediate support to Ukraine beyond this amount.

G7 agrees on transfer of $50 billion in profits from frozen Russian assets to Ukraine
“We have an agreement,” a French presidency official said, ahead of a summit in Italy, which starts on June 13.

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