(Bari) Ukrainian President Volodymyr Zelensky arrived in Italy on Thursday to attend the G7 Summit, whose leaders are close to reaching an agreement on the use of Russian assets frozen by the West for the benefit of Kyiv.
Mr. Zelensky was warmly welcomed at 2:45 p.m. (8:45 a.m. Eastern Time) at Borgo Egnazia, near Bari in Puglia, by Prime Minister Giorgia Meloni, whose country holds this year’s rotating presidency of the G7.
He then joined the heads of state and government of the “Group of 7” (United States, Germany, France, Italy, United Kingdom, Canada, Japan) gathered in this luxurious seaside resort to discuss new aid and a complex financial support mechanism allowing Russian assets frozen by the West to grow, for the benefit of Ukraine.
The President of the European Commission Usrsula von der Leyen and the President of the European Council Charles Michel are also invited to the table of the great powers, from which Russia was excluded after its annexation of Crimea in 2014.
Volodymyr Zelensky did not make a statement upon his arrival but he indicated earlier in the day on Telegram that he expected “important decisions to be made today”.
Faced with the prospect of a return to the White House of Donald Trump and the uncertainty surrounding the consequences of his election for Ukraine, the heads of state and government of the G7, which include the main military supporters and financial institutions of Ukraine since the Russian invasion of February 2022, want to secure the financing of this aid.
They are due to discuss a major deal that could unlock a $50 billion loan for Kyiv, secured by future interest generated by stranded Russian assets.
The agreement already seems to be sealed. “Good news from the G7: $50 billion more for Ukraine,” German Finance Minister Christian Lindner rejoiced on X.
Same story on the French side, which announced an agreement “on the disbursement of 50 billion” dollars “before the end of 2024”.
President Joe Biden and Volodymyr Zelensky will also sign a bilateral security agreement in Italy on Thursday, and British Prime Minister Rishi Sunak will announce new aid of 242 million pounds (286 million euros).
Washington also announced on Wednesday a new round of sanctions aimed at curbing the Russian war effort, targeting entities located in Russia and countries such as China, Turkey and the United Arab Emirates.
Traveling to Berlin on Tuesday, Mr. Zelensky called on his allies to increase their deliveries of anti-aircraft assets. He will then travel to Switzerland for a “Ukraine Peace Conference” that will bring together more than 90 countries and organizations on Saturday and Sunday, but neither Russia nor China.
Another sensitive subject for Washington and its G7 allies, tensions with China, support of Moscow and of which Americans and Europeans denounce the industrial overcapacity which floods their markets with subsidized products at low prices.
Accusing Beijing in particular of illegally boosting its electric vehicle manufacturers, the European Commission threatened on Wednesday to impose additional customs duties. China threatened to file a complaint with the World Trade Organization (WTO) on Thursday.
Alarmed by the outbidding between the West and Beijing, the Secretary General of the United Nations deplored the “divisions” between the two blocs “nourished by geopolitical rivalries”.
“The new customs barriers introduced each year have almost doubled since 2019,” lamented Antonio Guterres, who will also participate in the G7.
According to a European official, the Puglia summit must serve to “coordinate” the G7 strategy on this issue which will be on the agenda for debate on Friday.
Finally, the war in Gaza should occupy part of the working sessions and the numerous bilateral talks on the sidelines of the summit.
As the conflict between Israel and the Palestinian Islamist movement Hamas enters its 9th month, US Secretary of State Antony Blinken is touring the Middle East to try to salvage the ceasefire plan announced on May 31 by Joe Biden.
The G7 has already expressed support for the plan, but Hamas has proposed some “unworkable” amendments, according to Blinken. For its part, Israel has not officially announced its position and is relentlessly continuing its offensive, launched on the Gaza Strip in response to the bloody attack carried out on October 7 by Hamas on its soil.
