G7 to create Ukraine aid fund using income from frozen Russian assets

Member countries intend to reach agreement at Italy summit this week

20240611 Ukraine Zelenskii at G7

Ukrainian President Volodymyr Zelenskyy speaks during an event with Group of Seven leaders at a NATO summit in Lithuania in July 2023. © Reuters

TAKASHI TSUJI, Nikkei staff writer

BRUSSELS -- The Group of Seven leading industrialized nations will set up a fund to support Ukraine, using income generated from frozen Russian assets, Nikkei has learned.

The fund will be created under an international organization such as the World Bank, with contributions in the form of "Extraordinary Revenue Acceleration" (ERA) loans.

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