Italy's Strategic Loan Shield for Ukraine

Italy is moving forward with a plan to provide Ukraine with a loan backed by Russian assets frozen in the EU. This follows a G7 agreement to use interest from these blocked funds as a financial source. The initiative reflects a significant achievement for the Italian G7 Presidency.

Italy is advancing its plans to offer a loan to Ukraine, supported by Russian assets currently frozen within the European Union, Prime Minister Giorgia Meloni announced on Tuesday.

In a landmark move during the G7 summit in southern Italy this June, member nations agreed to extend loans to Ukraine underpinned by the interest accrued from these blocked Russian funds.

Meloni emphasized the importance of this endeavor, stating that "we will continue working to implement the loan agreement backed by interest from frozen Russian assets in Europe," highlighting the achievement secured by Italy's G7 leadership ahead of the EU summit in Brussels on October 17-18.

(With inputs from agencies.)