A $50B US-EU deal for Ukraine is in sight

G7 nations are coalescing around a plan to use frozen Russian assets to secure an enormous loan.

The U.S. and the EU are overcoming their differences and edging closer to an agreement to secure a massive loan for Ukraine — using Russian assets frozen in the West as collateral.

With finance ministers from the world’s seven largest economies gathering over the next two days in Italy, Washington is still pushing to win over skeptical Europeans to the latest U.S. plan, which could be worth around $50 billion. The figure is short of America’s original ambitious demand — but is still far more than the EU has agreed to, and had until recently signaled would be its limit.

Western governments have been pondering — and contesting — alternative ways to raise cash for Kyiv amid fears that existing funds are running low. Russia’s remorseless push to take more of Ukraine's territory continues, while the possible re-election of Donald Trump to the White House in November could end substantial U.S. support for Kyiv.