July 14th, 2024

Canada to contribute $5B toward Ukraine loan, source says as G7 leaders meet in Italy

By The Canadian Press on June 13, 2024.

Prime Minister Justin Trudeau arrives in Grottaglie, Italy, on Wednesday, June 12, 2024, to attend the G7 Summit. THE CANADIAN PRESS/Sean Kilpatrick

SAVELLETRI DI FASANO, Italy – A senior government source says Canada is prepared to contribute $5 billion toward a loan to Ukraine that will be based on future revenue from frozen Russian assets.

The source, who is not being named because they are not authorized to discuss details publicly, says G7 leaders are finalizing details of the loan.

Leaders of the G7 countries have agreed to engineer a US$50-billion loan to help Ukraine in its fight for survival that would use interest earned on profits from Russia’s frozen central bank assets as collateral.

The news comes on the first day of the G7 leaders’ summit taking place in Apulia, Italy.

The three-day summit is an opportunity for collaboration among the leaders of the wealthy democracies – France, Italy, Germany, the United Kingdom, the United States, Canada and Japan.

Ukraine is expected to be a major agenda item for the leaders as the U.S. pushes to reach an agreement on Russian assets.

Prime Minister Trudeau is scheduled to have meetings with German Chancellor Olaf Scholz, French President Emmanuel Macron and Ukrainian President Volodymyr Zelenskyy.

He is also set to participate in working sessions with other leaders on collaboration with Africa, climate change, the Middle East and Ukraine.

Trudeau is headed to Switzerland on Saturday to attend a summit on Ukraine, where a larger group of countries will meet to discuss a future path to peace.

– With files from The Associated Press.

This report by The Canadian Press was first published June 13, 2024.

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