US, Ukraine forge long-term defense agreement at G7 summit

On the sidelines of the G7 Summit in Italy on Thursday, U.S. President Joe Biden and Ukraine’s President Volodymyr Zelenskyy solidified a significant defense partnership with the signing of a new 10-year agreement. The leaders convened in Fasano, Italy, where they held a joint press conference to announce the accord.

President Biden underscored the agreement’s importance for both NATO’s security and Ukraine’s defense capabilities. In his remarks, he praised the decision to freeze certain financial assets outside of Russia’s territory, earmarking $50 billion of these funds to benefit Ukraine.

“Our aim is to enhance Ukraine’s defense and deterrence capabilities in the long term. We want Ukraine to be able to defend itself against future aggressions without needing to send American troops,” President Biden stated, emphasizing the defensive nature of the support.

President Biden described the defense agreement as a commitment to peace, aligning with the principles of the United Nations Charter and national sovereignty. He reiterated the U.S.’ ongoing support for Ukraine in the face of Russian aggression and announced a new sanctions package against Moscow.

President Zelenskyy expressed gratitude for the agreement, highlighting that it will deepen and enhance the defense cooperation between the two nations. The G7 Summit had previously agreed to provide Ukraine with a $50 billion loan by utilizing interest revenues from frozen assets of the Russian Central Bank, secured until the end of 2024.

Since the onset of the Russia-Ukraine conflict, Western nations have collectively frozen approximately $300 billion in Russian assets, with around $200 billion located within European Union countries. These frozen assets generate billions of dollars in interest income annually, which G7 countries, led by the United States, are now mobilizing to support Ukraine.