During their meeting on the sidelines of the Group of Seven summit in Italy, President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the U.S. and Ukraine. The signing will take place in Brindisi, Italy.
The negotiating team has successfully come to an agreement regarding the provision of up to $50 billion to Ukraine. The funding will be backed by frozen Russian assets, ensuring its availability for use.
The wealthy democracies from across the world have been in talks about utilizing the frozen Russian assets, which sum up to over $260 billion and are predominantly located outside Russia, to aid Ukraine in its fight against Russian President Vladimir Putin’s war operations.
According to sources, European officials have been hesitant to seize Russian assets due to concerns regarding legal and financial stability. However, a new plan has been proposed that would utilize the interest earned on these assets to support Ukraine’s war efforts. A French presidency official has confirmed that most of the funds will be granted to Ukraine as a loan from the U.S. government, which is secured by the frozen Russian assets in the European Union. The agreement has been verified by two additional sources.
The legal terms of the deal are being finalized through technical negotiations before the summit.
As Biden arrived in Italy with a sense of urgency to accomplish significant tasks, the announcement of the agreement was made. The security arrangement on Thursday was specifically intended to convey to Russia the United States’ determination to support Kyiv, according to the White House.
Jake Sullivan, the national security adviser, clarified that the security agreement does not imply that U.S. troops will actively participate in Ukraine’s defense against Russia’s invasion. This is a red line that President Biden is cautious not to cross, as he wants to avoid any direct conflict between the two nuclear-armed nations.
Sullivan expressed the United States’ unwavering support for the people of Ukraine and their security needs. “We aim to showcase our determination to stand with them,” he affirmed. Furthermore, he emphasized that the agreement would serve as a testament to the U.S.’s commitment towards assisting Ukraine.
While on Air Force One, Sullivan explained that the aim of the financing strategy was to obtain a loan that would allow Ukraine to access the windfall profits from the assets seized from Russia. This would provide Ukraine with a significant source of funding to address its urgent requirements.
The urgency of providing financial resources to Ukraine was emphasized by the national security adviser. Although he did not reveal the exact amount, he did mention having a specific sum in mind, which could be as much as $50 billion. It was also mentioned that several countries would support this agreement.
According to Sullivan, the aim is to equip Ukraine with the essential resources it needs for its economic, energy, and other requirements. This will help the country build up its resilience and withstand Russia’s ongoing aggression.
As this year’s meeting approaches, it’s worth noting that three years have passed since Biden confidently declared America’s return to its position as a global leader at his inaugural gathering. This reunion follows a period of disruption to Western alliances under the previous administration of Donald Trump. However, this gathering could potentially be the last G7 summit for Biden and his fellow leaders, depending on the outcome of upcoming elections.
During the summit, President Biden will engage in discussions with the leaders of Canada, Britain, France, Germany, Italy, and Japan on a range of pressing issues. These include the challenges posed by artificial intelligence, migration, Russia’s military resurgence, and China’s economic strength. Notably, the summit will also feature the presence of several key figures, including Pope Francis, Ukrainian President Zelenskyy, and Turkish President Recep Tayyip Erdogan. The event will take place at the Borgo Egnazia resort in the picturesque Puglia region of southern Italy.
The European Union elections have recently concluded, and far-right parties across the continent have made unexpected gains. This has caused a stir in the global political establishment, adding significance to the summit that began on Thursday. Furthermore, upcoming elections in the United Kingdom, France, and the United States have made the event even more crucial.
According to Josh Lipsky, senior director of the Atlantic Council’s GeoEconomics Center, an international affairs think tank, U.S. and European officials are expressing the urgency of the situation by stating that if they fail to take action on China or assets now, they may not have another opportunity. The unpredictable world we live in means that it is impossible to predict what the global landscape will look like in three, six, or nine months from now.
The G7 is a group of industrialized democracies that convenes annually to discuss mutual issues and concerns. President Biden recently embarked on his second overseas trip in just two weeks. Last week, the democratic leader visited France for a state visit in Paris and to attend ceremonies in Normandy commemorating the 80th anniversary of the D-Day landings in World War II.
As opposed to the celebratory tone of last week’s visit, this week’s visit is focused on addressing urgent global matters. One of the pressing concerns is how to continue providing financial aid to Ukraine as it combats the invasion by Russia. Furthermore, President Biden’s journey comes on the heels of his son Hunter’s conviction on federal gun charges, which is sure to weigh heavily on his mind.
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Biden Heads to Europe for G7 Summit to Discuss Ukraine Support and Migration
After his recent trip to France, President Biden is heading back to Europe for the G7 summit. The summit will focus on a range of issues, including Ukraine support and migration. Biden hopes to use the summit as an opportunity to strengthen relationships with European allies and reaffirm the United States’ commitment to international cooperation. The G7 summit will be held in the United Kingdom and will include leaders from Canada, France, Germany, Italy, Japan, and the United Kingdom.
Jennifer King, an AP correspondent, has reported that Ukrainian President Volodymyr Zelenskyy is set to attend the G7 summit in Italy on Thursday and will hold a meeting with President Biden.
In 2024, despite the numerous pressing global challenges, John Kirby, the White House national security spokesman, expressed that world leaders still felt relieved that “America was back.” Kirby was referring to President Biden’s 2021 speech at the G7 in England.
Kirby stated that Biden’s message emphasized the importance for democracies to demonstrate their ability to provide for their citizens, a notion that remains relevant today.
According to Kirby, the United States is ready to collaborate with democratically elected EU officials, regardless of their identity. However, some of the newly appointed officials have shown less interest in supporting Ukraine compared to the current leaders.
Kirby expressed full confidence that the European Parliament’s new members, whoever they may be, will work closely with their EU counterparts on all issues related to their shared interests across the European continent. He also reiterated the commitment to support Ukraine, emphasizing the importance of collaboration in achieving this goal.
During the G7 summit, President Biden and President Zelenskyy are anticipated to give a joint news conference after their recent meeting in Paris. Furthermore, Biden has plans to meet with Italian Prime Minister Giorgia Meloni, as well as the Pope, and various other leaders during his visit.
Last week, Biden publicly apologized to Zelenskyy for the Congress’ months-long delay in authorizing additional military assistance to Ukraine. Despite his strong stance of “we will not walk away” from Ukraine, the delay gave Russia an advantage on the battlefield.
According to Sullivan, the security agreement acts as a “bridge” towards Ukraine’s eventual invitation to join the NATO alliance, which is a key priority for Zelenskyy in the long-term. However, the allies have made it clear that this invitation will only be extended after the Russia-Ukraine war has come to an end, a prospect that Putin has consistently opposed.
In the midst of the presidential election, President Biden is embarking on a rare doubleheader of diplomacy with back-to-back trips to France and Italy. While he will not be attending the Ukraine peace conference in Switzerland this weekend, opting instead for a campaign fundraiser with prominent Hollywood figures in Los Angeles, Vice President Kamala Harris will be representing the United States at the conference.
Two U.S. officials informed The Associated Press on Tuesday that the Biden administration will be sending another Patriot missile system to Ukraine to assist in defending against potential Russian strikes, despite the recent setbacks in military aid.
On Wednesday, the United States revealed new sanctions aimed at Chinese businesses that aid Russia in its efforts in Ukraine, as well as Russia’s financial infrastructure. National Security Advisor Jake Sullivan stated that these measures will increase the potential danger for foreign financial institutions engaging with Russia’s war economy.
During his upcoming discussions, Biden is set to address a range of economic issues that have arisen due to Chinese manufacturing overcapacity. He will also delve into the topic of artificial intelligence and how it can be utilized to achieve maximum benefits while simultaneously managing national security risks. Additionally, global migration will be a key area of focus during these talks.
Managing the arrival of large numbers of migrants has become a challenge for the U.S. and other G7 nations, as they grapple with the complex reasons that drive migration, including war, climate change, and drought. Coping with the increasing numbers at their borders has been a contributing factor to the rise of far-right movements in some parts of Europe.
