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G7 Summit: ₹4.17 Lakh Crore Loan to Ukraine. G7 Nations’ Decision

G7 Summit: ₹4.17 Lakh Crore Loan to Ukraine.. G7 Nations' Decision

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The G7 summit commenced grandly in Apulia, Italy. This summit is scheduled from June 13 to 15. Member countries include Canada France, Germany Italy, Japan Britain and the United States. At the invitation of Italian Prime Minister Giorgia Meloni, Indian Prime Minister Modi and Ukrainian President Volodymyr Zelensky also attended. The G7 countries have made crucial decision during this summit.

Currently, Ukraine is fiercely fighting in the ongoing war with Russia. In this context, the G7 countries have stood firmly in support of Ukraine. They have decided to provide a loan assistance of ₹4.17 lakh crore, approximately $50 billion, to support Ukraine further.

Key Developments

The G7 summit has started in Italy, and a significant development has taken place. The G7 countries have resolved to gather revenue, interest, and other funds from Russian assets held in various countries. Due to the ongoing sanctions on Russia, assets worth approximately ₹21.72 lakh crore are frozen in several countries, predominantly in European nations.

The G7 countries discussed ways to mobilize these funds from the frozen assets without causing any issues. However, the United States and European countries decided not to liquidate these assets. The initial tranche of funds will be provided to Ukraine as part of this plan, with a joint statement expected on Friday. British Prime Minister Rishi Sunak announced that Britain would independently provide $31 million to Ukraine.

Modi’s Visit to Italy

Prime Minister Modi departed for Italy to attend the summit. He stated that India would focus primarily on artificial intelligence (AI), energy, Africa, and the Mediterranean region during the summit. On Friday, Prime Minister Modi is scheduled to hold bilateral talks with Italian Prime Minister Giorgia Meloni and other heads of state. There is also a possibility of a meeting with U.S. President Joe Biden.

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