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What the G7 agreed for Ukraine on 13 June 2024
Summary
A look back at the G7 loan decision and the surrounding security developments in the days around it.
What did Western leaders actually settle on for Ukraine's defence on 13 June 2024? At the G7 summit, they agreed to loan Ukraine US$50 billion, using interest from Russia's frozen central bank assets as collateral for the loan.
The decision came after two days of related announcements on aid and air defence.
Aid in the preceding days
On 11 June 2024, European Commission President Ursula von der Leyen announced that the European Union would give Ukraine €3.4 billion (US$3.6 billion) throughout the summer, drawn from revenue on Russian frozen assets. The same day, the United States approved a move to send a second Patriot missile system to Ukraine.
Strikes on Kyiv
The security backdrop was the continuing Russian air campaign. On 12 June 2024, Russia launched a wave of cruise missiles and drone attacks at Kyiv. Ukraine claimed to have intercepted all the missiles and drones, although falling debris did cause some damage to infrastructure.
A drill far from Ukraine
Also on 13 June 2024, a Russian warship and a nuclear-powered submarine conducted military drills in the Caribbean Sea, simulating a missile strike on enemy ships. The vessels had passed near the coast of Florida to reach Havana, Cuba.
The picture on 13 June
Taken together, the reports from 11 to 13 June 2024 showed financing and air defence moving in parallel: EU money from frozen-asset revenue, an additional Patriot system from the United States, and a G7 loan backed by the same category of Russian assets. Kyiv, meanwhile, remained under missile and drone attack.
