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Canada commits $5B towards Ukraine loan during G7 summit in Italy, reports say

Canada is ready to provide $5 billion for a loan to Ukraine based on future revenue from frozen Russian assets, as confirmed by a senior government source on June 13.

The source, who cannot be named due to lack of authorization to discuss details publicly, indicates that G7 leaders are finalizing the specifics of the loan.

G7 leaders have agreed to arrange a $50 billion loan to assist Ukraine in its conflict with Russia, using interest earned on profits from Russia’s frozen central bank assets as collateral.

This news coincides with the start of the G7 leaders’ summit in Apulia, Italy.

The three-day summit aims to promote collaboration among leaders from wealthy democracies such as France, Italy, Germany, the United Kingdom, the United States, Canada, and Japan.

Canada has actively supported the U.S.-led effort to utilize frozen central bank assets to aid Ukraine.

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The G7 declared the freezing of Russian central bank assets in 2022, following Russia’s invasion of Ukraine.

A government source without authorization to publicly discuss matters mentions that Finance Minister Chrystia Freeland lobbied her G7 counterparts last month to garner support for using the assets to provide additional financial aid to Ukraine.

On the summit’s first day, Prime Minister Trudeau is slated to have meetings with German Chancellor Olaf Scholz, French President Emmanuel Macron, and Ukrainian President Volodymyr Zelenskyy.

He will also participate in working sessions with other leaders on collaboration with Africa, climate change, the Middle East, and Ukraine.

Mr. Trudeau will travel to Switzerland on Saturday to attend a summit on Ukraine, where a broader group of countries will convene to discuss a path to peace.

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