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G7 agrees to support Ukraine with Russian assets
Reuters Videos2 hours agoSTORY: :: Italy's PM says the G7 will provide Ukraine with a $50 billion loan using interest from frozen Russian assets :: June 13, 2024 :: Borgo Egnazia, Italy :: Giorgia Meloni, Italian Prime Minister "I can confirm that we have reached a political agreement to provide additional financial support to Ukraine of about $50 billion by the end of the year through a loan mechanism for the repayment of which the extra profits from Russian assets tied up in our jurisdictions can be used. We are not talking about a confiscation of these assets, but of the interest that accrues over time." The political agreement was the centerpiece of the opening day in southern Italy of the annual summit of G7 leaders, attended for a second successive year by Ukrainian President Volodymyr Zelenskiy. The G7 plan for Ukraine is based on a multi-year loan using profits from some $300 billion of impounded Russian funds. The technical details are to be finalized in the coming weeks, a G7 diplomatic source told Reuters. The source, who asked not to be named, said the additional funding would arrive by the end of this year. Russia regards attempts by the West to take income from its frozen assets as criminal, foreign ministry spokeswoman Maria Zakharova said on Thursday, adding that Moscow's response would be very painful for the European Union.
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- 0:34G7 agrees to support Ukraine with Russian assetsReuters VideosSTORY: :: Italy's PM says the G7 will provide Ukraine with a $50 billion loan using interest from frozen Russian assets :: June 13, 2024 :: Borgo Egnazia, Italy :: Giorgia Meloni, Italian Prime Minister "I can confirm that we have reached a political agreement to provide additional financial support to Ukraine of about $50 billion by the end of the year through a loan mechanism for the repayment of which the extra profits from Russian assets tied up in our jurisdictions can be used. We are not talking about a confiscation of these assets, but of the interest that accrues over time." The political agreement was the centerpiece of the opening day in southern Italy of the annual summit of G7 leaders, attended for a second successive year by Ukrainian President Volodymyr Zelenskiy. The G7 plan for Ukraine is based on a multi-year loan using profits from some $300 billion of impounded Russian funds. The technical details are to be finalized in the coming weeks, a G7 diplomatic source told Reuters. The source, who asked not to be named, said the additional funding would arrive by the end of this year. Russia regards attempts by the West to take income from its frozen assets as criminal, foreign ministry spokeswoman Maria Zakharova said on Thursday, adding that Moscow's response would be very painful for the European Union.2 hours ago
- 2:07Biden signs new security agreement with UkraineReuters VideosSTORY: U.S. President Joe Biden and Ukraine President Volodymyr Zelenskiy signed a 10-year bilateral security agreement on Thursday aimed at bolstering Ukraine's defense against Russian invaders. The deal, signed on the sidelines of the G7 summit in Italy, aims to commit future U.S. administrations to support Ukraine, even if former president Donald Trump wins November’s election, officials said. Biden: "Our goal is the strength of Ukraine's credible defense and deterrence capabilities for the long term, a lasting peace for Ukraine must be underwritten by Ukraine's own ability to defend itself now and to deter future aggression anytime in the future. The United States is going to help ensure that Ukraine can do both." Zelenskiy: "This is an agreement on steps to guarantee sustainable peace, and therefore it benefits everyone in the world because the Russian war against Ukraine is real. Real global threat." The agreement indicates the U.S. will provide weapons and ammunition and intelligence sharing and is meant to be a step towards Ukraine’s eventual NATO membership. Zelenskiy has long sought this, but allies have stopped short of taking that step. Also Thursday, G7 leaders agreed in principle on plans to issue $50 billion of loans for Ukraine backed by interest from Russian sovereign assets frozen after Moscow launched its invasion of its neighbor in 2022. This comes one day after the U.S. dramatically broadened sanctions on Russia, including by targeting China-based companies selling semiconductors to Moscow, as part of its effort to undercut the Russian military machine waging war on Ukraine. Trump has expressed skepticism of Ukraine’s continued fight, saying at one point that he would end the conflict in his first day in office. He met with lawmakers in Washington Thursday who said he criticized a $60-billion aid package for Ukraine that recently passed with Republican support.4 hours ago
- 1:29Biden, G-7 Leaders Agree to Finance Ukraine With $50 Billion LoanWSJPresident Biden and G-7 leaders agreed to finance Ukraine with a loan backed by profits on frozen Russian assets. Biden also signed a long-term security agreement to support Ukraine. Photo: Mandel Ngan/AFP/Getty5 hours ago
- 1:30G7 leaders strike deal on using Russian assets to back $50B loan to UkraineABC News VideosPresident Joe Biden and key allies have agreed to use interest from frozen Russian assets to back a $50 billion loan for Ukraine's war efforts and economic reconstruction.7 hours ago
- 0:37Ukraine President Zelenskyy welcomed by Italy PM Meloni as he joins G7 meetingAssociated Press VideosVolodymyr Zelenskyy was welcomed by the summit host, Premier Giorgia Meloni, at Borgo Egnazia, a luxury resort in the Puglia region. Ahead of the start of their summit, G7 leaders reached an agreement on a U.S. proposal to back a $50 billion loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support.10 hours ago
- 0:42Several killed in Russian attacks on Ukraine ahead of G7 summit aimed at slowing Moscow's offensiveAssociated Press VideosRussian forces launched new deadly attacks on Ukraine, a day before the Group of Seven meeting in Italy where leaders of countries that are some of Ukraine’s biggest backers are expected to discuss how to slow Moscow’s offensive. Ukrainian authorities said at least nine people were killed and 32 others were injured, including five children, when Russian missiles hit an apartment block in Kryvyi Rih, Ukrainian President Volodymyr Zelenskyy's hometown, on Wednesday.18 hours ago
- 1:36Biden to sign new security pact with Ukraine at G7Reuters VideosSTORY: Joe Biden will sign a new security agreement with Ukraine at the G7 summit on Thursday, according to a top U.S. official. The president on Wednesday departed for Italy on Air Force One for his meeting with leaders of the Group of Seven democracies. White House national security adviser Jake Sullivan told reporters on the flight the agreement would make clear that U.S. support for Ukraine would “last long into the future... particularly in the defense and security space." Sullivan added the pact will include a commitment to working with the U.S. Congress on funding Ukraine going forward, but will not commit to using U.S. forces on the ground. The White House had said earlier that Biden will meet again with Ukrainian President Volodymyr Zelenskiy at the summit. G7 leaders will address multiple challenges during the June 13-15 meeting. They include wars in Ukraine and the Middle East, trade imbalances with China, threats posed by artificial intelligence and development challenges in Africa. Shoring up funding for Ukraine will be a top priority. U.S. and European officials are eager to lock in solutions ahead of a possible Trump re-election and the uncertainty it would raise over future U.S. support for Kyiv. Sullivan said the U.S. is "making good progress” on an innovative plan to use Russian assets frozen in the West to provide Ukraine with a large up-front loan to secure Kyiv's financing for 2025. Biden will press other G7 leaders to agree to using some $281 billion of Russian central bank funds to back up a $50 billion loan to Ukraine.19 hours ago
- 1:14Ukraine-Russia war at top of agenda at G7 SummitABC News VideosABC News senior White House correspondent Selina Wang is in Bari, Italy, with the latest on the G7 summit.19 hours ago
- 0:46G7 leaders arrive in Italy ahead of summit in which Ukraine is set to be top of the agendaAssociated Press VideosLeaders of the Group of Seven industrialized nations arrived in Italy on Wednesday ahead of their annual summit. U.S. President Joe Biden and his counterparts from Canada, Britain, France, Germany, Italy and Japan will use the summit to discuss challenges related to Ukraine, artificial intelligence, migration, the Russian military’s resurgence and China's economic might, among other topics. (AP video shot by Luigi Navarra)23 hours ago
- 1:16Azov Brigade reacts to US lifting ban on sending weapons to the controversial Ukraine military unitAssociated Press VideosAn officer in Ukraine's controversial Azov Brigade has spoken about the US decision to lift a ban on providing weapons and training to the military unit. The US had banned the regiment from using American weapons, citing the neo-Nazi ideology of some of its founders. The current members of the Azov Brigade reject accusations of extremism and any ties with far-right movements. (AP Video: Vasilisa Stepanenko)1 day ago
- 2:41US and Ukraine to sign a major security agreement at the G7: sourcesABC News VideosThe agreement will help Ukraine develop military capacity and production, sources said.2 days ago
- 0:45Russian attacks on Ukraine’s power grid force government to institute nationwide rolling blackoutsAssociated Press VideosSustained Russian attacks on Ukraine’s power grid in recent weeks have forced the government to institute nationwide rolling blackouts. In the capital, Kyiv, generators littered the streets, buzzing loudly as businesses and residents continued their normal lives despite power outages. (AP video: Alex Babenko)2 days ago
- 2:50Ukraine musters help to shield and rebuild citiesReuters VideosSTORY: Ukraine and its allies drummed up support to protect Ukrainian cities from Russian missiles at an event in Berlin on Tuesday (June 11). Urging international businesses to put their faith, and billions of dollars, into post-war reconstruction. Ukrainian President Volodymyr Zelenskiy said Russia had already wiped out enough energy infrastructure to power the cities of Berlin and Munich combined. He was hoping to come away from the conference with pledges of billions of euros for defense and agreements on building a new and more modern energy system. "This meeting (in itself) is already a result. Because it is very difficult not to lose allies and partner countries. And uniting countries who are partners and non-partners is a difficult mission in itself for Ukraine, when the war has been going on for months.” ::Kharkiv, Ukraine Since March, Russia's campaign of aerial bombardment has inflicted heavy damage to generating capacity. And blackouts are having to be scheduled across Ukraine. Kyiv hopes the Recovery Conference will cement its credentials as a future member of the European Union. It is trying to prove it's worthy of huge injections of reconstruction financing, even as Russian forces continue to make slow advances in Ukraine's east. German Chancellor Olaf Scholz cited World Bank estimates that Ukraine could need $500 billion over a decade. He added companies had to be offered a business case for investing. He also talked up Ukraine's potential in sectors including renewables, IT and pharmaceuticals. "The reconstruction of the country will require massive investment. This will not be possible without private capital. As a reminder, we are talking about the reconstruction of a future member state of the European Union." ::Kharkiv, Ukraine Scholz added that Germany was sending more air defense systems, missiles and munitions to bolster the capital Kyiv's defenses against a barrage of Russian attacks on cities. The mayor of Ukraine's second city, Kharkiv, said Western weapons and the permission to use them to strike targets just inside Russia had helped to restore calm. European Commission President Ursula von der Leyen announced agreements with banks worth $1.5 billion to help attract private investment for Ukraine. Zelenskiy also addressed the German parliament during his visit, where his speech was boycotted by two parties including the far-right Alternative for Germany (AfD), whose support surged in European elections last weekend.2 days ago
- 1:18Zelenskiy, Scholz share smile at Ukraine Recovery ConferenceReuters VideosSTORY: ::Zelenskiy and Scholz share a smile as leaders arrive in Berlin for the Ukraine Recovery Conference ::June 11, 2024 ::Berlin, Germany ::Annalena Baerbock, German Foreign Minister "Today is an important day, not just for Ukraine but for the whole of Europe. Here at the Recovery Conference today we are making clear that we are not only united against the Russian attack on Ukraine but that we are paving the way together for Ukraine's entry into the EU. Putin wants to destroy the lifeblood of Ukraine with his brutal war." :: Robert Habeck, German Economic Minister "A lot of defense industry is also here gathering to support Ukraine and we have production hubs also from Germany companies in Ukraine. Money is given and guarantees are given and as we are speaking energy consortiums are going through the power plants in Germany looking at how we can do more to provide Ukraine with a stable energy system. So this is hands on the ground and doing something: a very hands on conference and I hope the support will reach Ukraine soon." Kyiv hopes the recovery conference will cement its credentials as a future member of the European Union that is worthy of huge injections of reconstruction financing even as Russian forces continue to make slow advances in Ukraine's east. It comes days before Switzerland hosts an international conference to find a path to peace in Ukraine but which has been shunned by China and dismissed as a waste of time by Russia, which was not invited to attend. Kyiv says its energy system particularly is in urgent need of support as a Russian airstrike campaign that began in March has inflicted heavy damage to power generating capacity, causing scheduled blackouts in the capital and across the country.3 days ago
- 1:23NATO should step up Ukraine aid coordination - StoltenbergReuters VideosSTORY: ::NATO should step up the coordination of Ukraine aid to prevent gaps and delays, says its Secretary General ::Riga, Latvia ::June 11, 2024 ::Jens Stoltenberg, NATO Secretary General "The most urgent task is, of course, to ensure that we provide the support to Ukraine for as long as it takes. And therefore, I expect NATO allies to agree to have NATO in the lead in providing security assistance, training for Ukraine, and also to agree a long term financial commitment to Ukraine, because NATO allies are providing 99% of the military support to Ukraine already. And therefore, I think it makes sense to have NATO in the stronger coordinating role, also to prevent the gaps and delays we saw during the winter. Ukraine needs a predictable, stable flow of military support." "I expect that NATO will take the lead in coordinating the provision of equipment and training, and other allies will make a financial commitment to support Ukraine for as long as it takes. Second, we will address our deterrence and defense. Allies are stepping up our efforts on defense spending, and I expect around two-thirds of allies to invest at least 2% of GDP in defense this year." A $61 billion U.S. aid package for Ukraine faced months of delay in Congress, eventually being passed in April. NATO allies are set to discuss Stoltenberg's plan, widely seen as an effort to provide a degree of "Trump-proofing", at a summit in Washington in July. But the proposal will have to overcome resistance from Hungarian Prime Minister Viktor Orban, who has made clear his country will not take part, arguing it brings the alliance closer to war with Russia. Hungary's President Tamas Sulyok is not attending the B9 summit, but Stoltenberg is due to visit Budapest on Wednesday (June 12).3 days ago
- 4:00President Biden marks 80th anniversary of D-Day invasion with warning about UkraineCBS News VideosPresident Biden traveled to France this week, where he marked the 80th anniversary of the D-Day invasion — while also issuing a stark warning about Ukraine. "We're living in a time when democracy is more at risk across the world than at any point since the end of World War II — since these beaches were stormed in 1944," he said.4 days ago
- 2:41Biden draws parallels to Ukraine in D-Day speechCBS News VideosPresident Biden paid tribute Friday to the Army rangers who stormed the beaches of Normandy 80 years ago this week, drawing parallels between Nazi Germany's invasion of Western Europe to Russia's current invasion of Ukraine. Ed O'Keefe reports on the president's plea to the world to defend democracy.6 days ago
- 2:25Biden Talks About Democracy, Apologizes to Ukraine for Holdup in FundingWSJPresident Biden spoke about protecting democratic freedoms a day after the 80th anniversary of D-Day in France. “I simply refuse to believe that America's greatness is a thing of the past,” Biden said. Photo: Saul Loeb/AFP/Getty Images6 days ago
- 3:07Biden to speak on future of democracy after meeting with Ukraine's ZelenskyyCBS News VideosWhile on his trip to France, President Biden met with Ukrainian President Volodymyr Zelenskyy. Biden has pledged to continue to support Ukraine as he expressed concern about the future of global democracy. Biden is scheduled to speak on Friday at Pointe Du Hoc in France.7 days ago
- 1:41Eye Opener: President Biden tries to rally more global support for Ukraine while visiting FranceCBS News VideosPresident Biden makes the case for democracy at a time it's under threat as he tries to rally more global support for Ukraine. Also, a brutal heatwave blankets millions in the Southwest with record-breaking temperatures. All that and all that matters in today's Eye Opener.7 days ago
- 1:22In D-Day speech, Biden says U.S. won't abandon UkraineReuters VideosSTORY: :: In his D-Day speech, Biden says the U.S. will not walk away from the Ukraine crisis :: June 6, 2024 :: Colleville-sur-Mer, France ::"On behalf of the American people and as commander in chief, it's the highest honor to be able to salute you here in Normandy. Once more, all of you, God loves ya." ::"What the Allies did together 80 years ago far surpassed anything we could have done on our own. It was a powerful illustration of how alliances - real alliances - make us stronger, a lesson that I pray we Americans never forget." ::"The United States and NATO and a coalition of more than 50 countries standing strong with Ukraine, we will not walk away, because if we do, Ukraine will be subjugated, and it will not end there. Ukraine's neighbours will be threatened, all of Europe will be threatened." :: "Make no mistake, we will not bow down, we will not forget. Let me end with this - history tells us freedom is not free. If you want to know the price of freedom, come here to Normandy. Come to Normandy and look." At a joint ceremony with French President Emmanuel Macron and U.S. veterans at the Normandy American Cemetery, Biden said it was "simply unthinkable" to surrender to Russian aggression and he promised no let-up in support of Ukraine. He urged Western and NATO allies to recapture the spirit of D-Day and work together at a time when he said democracy was under greater threat than at any time since the end of World War Two. On June 6, 1944, more than 150,000 Allied soldiers invaded France by sea and air to drive out the forces of Nazi Germany, coming ashore at five beaches codenamed Omaha, Juno, Sword, Utah and Gold or dropping from the sky. With war raging in Ukraine on Europe's borders, the anniversary of this turning point in World War Two carries special resonance. It takes place in a year of many elections, including for the European Parliament this week and in the U.S. in November.1 week ago
- 1:13France arrests Ukraine-Russia national following explosion at hotelABC News VideosAnti-terrorism authorities are investigating after the arrest of a 26-year-old man of Ukrainian and Russian descent who was hurt in an explosion at a hotel near Charles de Gaulle Airport.1 week ago
- 0:35Zelenskyy meets Marcos in Manila and thanks him for his support for UkraineAssociated Press VideosUkrainian President Volodymyr Zelenskyy met with his Filipino counterpart, Ferdinand Marcos Jr, on Monday. Zelenskyy was in the Philippines in a rare Asian trip to urge regional leaders to attend a Swiss-organized global peace summit on the war in Ukraine that he accuses Russia, with China’s help, of trying to undermine.2 weeks ago
- 1:12Ukraine's Zelenskyy 'disappointed' some leaders have not yet committed to attend peace summitAssociated Press VideosUkrainian President Volodymyr Zelenskyy on Sunday outlined the formula for an upcoming peace summit aimed at charting a path toward peace in Ukraine and urged a group of top defence officials to attend. (AP video shot by Syawalludin Zain)2 weeks ago
- 1:07Ukraine's President Zelenskyy arrives at Singapore security forumAssociated Press VideosUkrainian President Volodymyr Zelenskyy arrived on Saturday at a gathering of top security officials in Singapore. (AP video by Syawalludin Zain )2 weeks ago
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