#GROUP OF SEVEN

Illustrative image. Photo: Jakub Porzycki/NurPhoto via Getty Images

G7 countries pledge to continue imposing ‘severe costs’ on Russia for Ukraine invasion

Leaders of the Group of Seven (G7) reiterated a pledge to keep imposing severe costs on Russia for its invasion of Ukraine, through sanctions, export controls and other measures, and vowed to support Kyiv for as long as it takes.

The $50 billion loan, to be paid of using proceeds from frozen Russian assets, will help Ukraine keep its head above water. In early August, Kyiv reported that delayed assistance contributed to Ukraine’s deficit ballooning to almost $44 billion. Photo: Pierre Crom/Getty Images

US to finance up to 40% of G7’s $50bn loan for Ukraine, sources say

The U.S. is ready to provide up to $20 billion of the $50-billion G7 loan to Ukraine, which is to be repaid using profits generated by frozen Russian assets, Financial Times reported on Friday.