Trudeau has faced mounting pressure from his party, particularly after the abrupt resignation of Deputy Prime Minister and Finance Minister Chrystia Freeland on Dec. 16.
This is the first tranche of the planned $20 billion that the U.S. intends to provide as part of the G7 initiative.
Ukraine is already receiving U.S. funds under the framework of the G7's $50 billion loan covered by profits from frozen Russian assets, Prime Minister Denys Shmyhal said on Dec 20.
Discussions reportedly include lowering the current $60-per-barrel cap to approximately $40 or even implementing a complete ban on Russian oil supplies.
For the next year, Ukraine allocated 26.3% of its gross domestic product (GDP) to defense and security expenditures, including Hr 740 billion ($17.7 billion) for arms purchases and Hr 50 billion ($1.2 billion) on the production and purchase of drones.
The U.S. Treasury Department announced on Dec. 10 that it will provide $20 billion in loan assistance to Ukraine, marking its contribution to a broader $50 billion initiative supported by G7 countries.
Editor's note: This article is a shortened on-site version of KI Insights' The Week Ahead newsletter covering events from Dec. 9 to Dec. 15. Sign up here to start your week with an agenda of Ukraine-related events, delivered directly to your inbox every Sunday. Romania's newly elected Parliament to set
Polish Deputy Finance Minister Pawel Karbownik said on Dec. 4 that the European Union is prepared to compensate if the U.S. withdraws from a $50 billion multilateral loan agreement for Ukraine.
"Press freedom and pluralism are crucial for strengthening democracy, supporting political debate, and advancing Ukraine’s Euro-Atlantic path," the G7's representation in Ukraine said on X.
There are some $4-5 billion of frozen Russian assets in the U.S. and it will be up to President-elect Donald Trump to decide what to do with them when he takes office in January 2025. After Russia’s full-scale invasion of Ukraine, Western nations froze around $300 billion of
The foreign ministers of Group of Seven (G7) countries are expected to agree to increase diplomatic pressure on China over the country's support for Russia's 'war machine' in Ukraine, Bloomberg reported on Nov. 25, citing an early draft of a communique seen by the publication.
Leaders of the Group of Seven (G7) released a statement reaffirming their "unwavering support for Ukraine for as long as it takes" and commitment to "severe costs" for Russia on Nov. 16.
The International Chamber of Commerce (ICC), will lower the costs of its arbitration court for foreign investors involved in Ukraine's reconstruction projects to encourage much-needed investment.
Besides the G7 members, including the U.S., Japan, Italy, the U.K., Germany, France, Canada, and the High Representative of the European Union, the statement was also signed by South Korea, Australia, and New Zealand.
"Our aim is to begin disbursing the funds by the end of the year," G7 leaders announced on Oct. 25. The loan will support Ukraine's economic, defense, and reconstruction needs.
Officials from U.S. President Joe Biden's administration raised the possibility of these sanctions during a G7 deputy finance ministers meeting on Oct. 22 in Washington, D.C.
Daleep Singh, the White House deputy national security adviser on international economics, said that Joe Biden's administration intends to split the funds between helping the Ukrainian economy and the military.
Key developments on Oct. 22: * US to provide Ukraine with another $800 million to boost domestic long-range capabilities, Zelensky says * Ukrainian drones target Russian alcohol plants overnight, local authorities claim * North Korea has sent pilots to Russia to join its war in Ukraine, Newsweek reports * South Korea considering sending military
G7 leaders will issue a joint statement in October saying that "Russia's sovereign assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," according to the draft prepared by this year's chair, Italy.
Key developments on Oct. 19-20: * Ukraine says it struck airfield and 'largest explosives factory' in Russia * Russian overnight missile strike on Kryvyi Rih injures 17 * Tens of thousands of Georgians rally in support of EU accession ahead of upcoming parliamentary election * Ukraine’s NATO membership on 'irreversible path,' G7
Defense ministers of the G7 countries reaffirmed their commitment to supporting Ukraine's integration into NATO, according to the joint statement following their meeting in Naples on Oct. 19.
European Union countries have approved an unprecedented plan to issue a 35-billion-euro ($37.2 billion) loan to support Ukraine's war-torn economy, using Russia's immobilized Central Bank assets as collateral.
More than 30 countries and the European Union adopted the Joint Declaration of Support for Recovery and Reconstruction of Ukraine during a meeting in New York on Sept. 25, Ukraine's Presidential Office said. Backed during the Group of Seven (G7) + Ukraine meeting, the document contains several points including helping to
"This is critical for Ukraine's energy security and the confidence of international partners," the statement read.
The delegations of Ukraine and Montenegro met on Aug. 30 to discuss the potential signing of a bilateral security agreement, Ukraine's presidential office reported.
The Group of Seven (G7) will likely finalize a framework agreement for a $50 billion loan for Ukraine backed by frozen Russian assets revenue by October, EU Economic Commissioner Paolo Gentiloni said on July 25.
The sum, which Ukraine hopes to receive by the end of the year before a potential return of Donald Trump to the White House, includes a $20-billion pledge by the U.S. and the EU each, Kyodo News wrote.
Saudi officials reportedly made "veiled threats" to Group of Seven (G7) nations hinting that the kingdom would sell some European debt holdings if Western allies seized about $300 billion in frozen Russian assets, Bloomberg reported on July 9, citing its sources.
Ukraine will soon start negotiations on security guarantees with Ireland, and is ready to sign the bilateral agreements with Estonia and Lithuania, Ihor Zhovkva, deputy head of the Presidential Office, said in an interview with Interfax Ukraine on June 21.
The new Group of Seven (G7) plan to fund Ukraine using profits from frozen Russian assets is a “breakthrough,” but Ukraine’s goal is still to seize the full worth of the assets, said experts speaking at a panel event in Kyiv discussing Russian asset seizure on June 17. “This
The EU is expected to join 16 countries, including the U.S., Japan, U.K., Germany, and France, that have signed similar bilateral treaties to help Kyiv repel Russia's aggression.
If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide. The good news is that there is a massive pot of non-Western money already available: the $300
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