G7 nations to issue loans using interest from seized Russian funds
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00:00So, this is good news for Ukraine. Basically, what has been agreed in principle is the fact
00:06that there are about $300 billion worth of frozen Russian assets from the Russian Central
00:12Bank, which are spread between the United States on one side and the European Union
00:16on the other. What the plan is, is to hand over $50 billion worth of money to the Ukrainians
00:25by the end of this year to help them in the war effort against the Russians, and that
00:29money is going to be paid back. It will be put forward by the United States and paid
00:32back through the Russian assets, which have been frozen through the interest that is earned
00:38on those assets. Now, that has been agreed in principle. What happens now is that the
00:42fine details are going to be ironed out by foreign ministers and by delegates and also
00:49by diplomats. But I think there's pretty much a feeling here that there is going to be a
00:54deal signed pretty quickly and that Ukraine is going to get those $50 billion by the end
00:57of the year, which of course will help them in their war effort after so much delay with
01:02money coming from the United States and the fact that Russia has been making some pretty
01:06substantial gains in the last few weeks.