G7 officials play down expectations on details of loan for Ukraine

STRESA, Italy, May 23 (Reuters) – G7 finance chiefs are not expected to agree on details of a loan for Ukraine at their meeting in Italy starting on Friday, several officials said, leaving much work ahead in coming weeks or months to secure more financing for the war-torn country.

The United States has been pushing its allies to agree to a loan backed by the future income from some $300 billion of Russian assets frozen shortly after Moscow invaded Ukraine in February 2022.

U.S. Treasury Secretary Janet Yellen has said the loan could amount to some $50 billion, but that no amounts have been agreed. Other G7 officials involved in the negotiations voiced caution, citing thorny legal and technical aspects to be hammered out.

“With great difficulty we have found a compromise for the use of the interest (already accrued),” Italian Economy Minister Giancarlo Giorgetti told reporters, referring to a deal already struck by the European Union.

Source: REUTER