US President Joe Biden and Ukrainian President Volodymyr Zelensky signed a 10-year security agreement at the G7 summit in Italy, aiming to strengthen Ukraine’s defense capabilities against Russia, Associated Press reports.
The security agreement does not involve direct US military intervention but commits the US to work with Congress to provide a framework for future sustainable funding for Ukraine and ensure Ukraine’s defense capabilities. The agreement can be terminated with six months’ notice by either party, allowing for potential policy changes under different US administrations. Despite this milestone, Zelenskyy expressed concerns about the longevity of international support, especially with upcoming elections that could affect unity among allies.
The US and European nations also agreed to leverage interest from $260 billion in frozen Russian central bank assets to fund a $50 billion loan package for Ukraine. This decision circumvents legal complications associated with directly transferring the frozen assets to Ukraine. The loan, expected to be disbursed by the end of 2024, will support Ukraine’s military, economic, humanitarian, and reconstruction needs.
