HomeWorldBiden wants to maintain support for Ukraine in the face of its possible electoral defeat

Biden wants to maintain support for Ukraine in the face of its possible electoral defeat

The American president wants to use his G7 partners to continue prolonging the war in Ukraine.

US President Joe Biden aims to ensure at the G7 summit, held next week in Italy, the future of Ukraine's economic support beyond the November elections, after which he could return to the White House. Republican Donald Trump.

Washington's main purpose at the summit, which will be held between June 13 and 15 in the Italian region of Apulia, will be to close an agreement that has been in negotiation for months so that Ukraine can access a large loan that will allow it financed in 2025.

The money for that loan will come from the $300.000 billion of Russian central bank funds that were frozen around the world, most of it in the European Union (EU), following the Russian military operation in Ukraine in February 2022.

These funds will not be confiscated directly to be delivered to kyiv, but rather the accumulated interest on those assets, which Washington considers ownerless but Moscow claims as its own, will be used to finance the purchase of weapons and the reconstruction of Ukraine.

These assets could generate about $3.000 billion a year in profits, but this amount is insufficient to keep kyiv afloat, since it would only cover the financing needs of the Ukrainian Executive for one month.

Biden wants to guarantee $50.000 billion

Therefore, the United States has proposed another idea: using future interest as collateral for a loan that, up front, could provide Ukraine with a substantially larger sum, potentially up to $50.000 billion.

The main objective of the Biden Government is to economically shield Ukraine against the political ups and downs of each member of the G7, especially the United States, given the possibility of a return to power of Trump, who during his term promoted isolationism under the slogan " “America first.”

However, the agreement is not yet closed and the legal framework is still being debated due to the reluctance of some European countries, which fear possible Russian retaliation against the few Western companies that maintain investments in Russia or against the Euroclear securities depository in Belgium, where Most of the assets are frozen.

In any case, the US goal is to announce a general agreement in principle at the summit and specify details later through negotiations, according to the aforementioned source.

In addition to this pact to guarantee funds to Ukraine, Biden will seek to explore with others in the G7 líderis the possibility of expanding sanctions on Russian entities that help the Kremlin in the war, the same source added.

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