G7 nations to issue loans using interest from seized Russian funds

So this is good news for Ukraine. Basically, what has been agreed in principle is the fact that there are about $300 billion worth of frozen Russian assets from the Russian Central Bank, which are spread between the United States on one side and the European Union on the other. What the plan is, is to hand over $50 billion worth of money to the Ukrainians by the end of this year to help them in the war effort against the Russians. And that money is going to be paid back. It will be put forward by the United States. And paid back through the Russian assets, which have been frozen through the interest that is earned on those assets. Now that has been agreed in principle. What happens now is that the fine detail is going to be ironed out by foreign ministers and by delegates and also by diplomats. But I think there's pretty much a feeling here that there is going to be a deal signed pretty quickly and that Ukraine is going to get those $50 billion by the end of the year, which of course, will help them in their war effort after so much delay with money coming from the United States. And the fact that Russia has been making some pretty substantial gains in the last few weeks.