Canada ready to provide $5 billion for loan to Ukraine linked to Russian assets

Photo: Sean Kilpatrick The Canadian Press Prime Minister Justin Trudeau at the G7 summit in Italy in June 2024.

The Canadian Press in Savelletri di Fasano, Italy

Published at 8:24 a.m. Updated at 8:33 a.m.

• Europe

Canada is prepared to contribute $5 billion to the loan to Ukraine which will be based on future revenues from frozen Russian assets, from a high-level source within the federal government.

The source, who spoke on condition of anonymity because he was not authorized to publicly discuss details of the loan, said G7 leaders were finalizing the final details on it.

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G7 leaders agreed to provide a $50 billion loan to help Ukraine fight for survival amid Russian invasion . The loan would use interest earned on profits from the Russian central bank's frozen assets as collateral.

This news comes on the first day of the ongoing G7 leaders' summit in Puglia, Italy.

The three-day summit is an opportunity for leaders of seven wealthy democracies: France, Italy, Germany, the United Kingdom, the United States, Canada and Japan, to work together on common goals.

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During the summit, Prime Minister Justin Trudeau is scheduled to meet, among others, German Chancellor Olaf Scholz, French President Emmanuel Macron and Ukrainian President Volodymyr Zelenksy.

< p>He is also expected to participate in working sessions with other leaders on collaboration on Africa, climate change, the Middle East and Ukraine.

After the G7 Summit, Mr. Trudeau will travel to Switzerland on Saturday to attend the Ukraine Peace Summit, where a larger group of countries will meet to discuss a first step toward peace in the country that is trying to push back the Russian invasion for three years.

Swiss officials clarified that the conference aimed to chart a path towards “lasting peace” in Ukraine, to achieve a ” common understanding” to get there and to develop a road map on how to involve both parties in the talks.

Canada will in turn host the Summit of G7 next year.