Apulia, Italy –
Canada and its G7 allies are in the final stages of a deal that would see US$50 billion loaned to Ukraine.
Sources say Canada is ready to contribute C$5 billion in funding to the deal. Since the G7 started freezing Russian assets in 2022, more than C$140 million worth of Russian assets have been seized in Canada.
Through this initiative, which has yet to be formally announced, sources say the G7 countries would use the interest accrued on nearly US$300 billion in frozen Russian assets to provide Ukraine with a loan worth US$50 billion.
It remains unclear when the deal will be finalized and officially announced but the U.S. president, who spearheaded this effort, is scheduled to meet with Ukrainian President Volodymyr Zelenskyy later Thursday. During that meeting, Biden is expected to sign a new security agreement with Ukraine to pledge America’s long-term support to the country.
“By signing this we’ll also be sending Russia a signal of our resolve. If Vladimir Putin thinks he can outlast the coalition supporting Ukraine, he’s wrong,” U.S. White House National Security Advisor Jake Sullivan told reporters travelling with Joe Biden on Air Force One.
Prime Minister Justin Trudeau also has a private one-on-one meeting scheduled with Zelenskyy on Thursday.
This is a developing news story. More information to come.
