Biden and Zelensky also signed a 10-year security agreement aimed at making Ukraine’s military more self-sufficient. “A lasting peace for Ukraine must be underwritten by Ukraine’s own ability to defend itself,” Biden said.
G7 leaders agreed on a plan to give Ukraine a $50 billion loan to help it buy weapons and begin to rebuild.CreditCredit…Erin Schaff/The New York Times
The United States and the other large Group of 7 economies agreed Thursday on a plan to give Ukraine a $50 billion loan to help it buy weapons and begin to rebuild damaged infrastructure at a crucial moment in the war, when Russia has the momentum on the battlefield.
The loan is expected to be repaid using interest earned on $300 billion in frozen Russian assets, which are mostly in European banks. Announced at a G7 summit in southern Italy, the loan will be underwritten by the United States, but American officials say they expect their allies, including members of the European Union, to provide some of the funds.
President Biden also signed a 10-year security agreement with President Volodymyr Zelensky. President Biden said the agreement would make Ukraine self-sufficient and put it on the road to becoming a member of NATO.
“Our goal is to strengthen Ukraine’s credible defense and deterrence capabilities for the long term,” Mr. Biden said. “A lasting peace for Ukraine must be underwritten by Ukraine’s own ability to defend itself now and to deter future aggression.”
Mr. Biden is trying to persuade allies that the United States will continue backing Ukraine even if former President Donald J. Trump, who has spoken openly of pulling the United States out of NATO, prevails in the November election. But if re-elected, Mr. Trump could abandon any security agreement with Ukraine, underscoring the political challenges shadowing Mr. Biden and other G7 leaders.
Here’s what else to know:
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On the eve of the summit, the Biden administration announced new financial sanctions aimed at interrupting the fast-growing technological links between China and Russia that American officials believe are aimed at bolstering Russia’s military in its war with Ukraine.
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Mr. Biden isn’t the only G7 leader arriving in Italy under siege politically. Polls suggest that Prime Minister Rishi Sunak of Britain will be unseated in elections in less than three weeks. And President Emmanuel Macron of France and Chancellor Olaf Scholz of Germany saw their parties humbled by far-right rivals in European elections just days ago.
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Later in the G7 summit, the leaders will tackle topics including migration and artificial intelligence, an issue that Pope Francis plans to address on Friday.
