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G7 agrees $50bn loan for Ukraine from Russian assets
The G7 has agreed to use frozen Russian assets to raise $50bn (£39bn) for Ukraine to help it fight invading Russian forces.
US President Joe Biden said it was another reminder to Russia “that we’re not backing down”, but Moscow has threatened “extremely painful” retaliatory measures.
The money is not expected to arrive until the end of the year but is seen as a longer-term solution to support Ukraine’s war effort and economy.
Also at the G7 summit in Italy, Ukrainian President Volodymyr Zelensky and Mr Biden signed a 10-year bilateral security deal between Ukraine and the US, hailed by Kyiv as “historic”. The agreement envisages US military and training aid to Ukraine – but it does not commit Washington to send troops to fight for its ally.
Some $325bn worth of assets were frozen by the G7, alongside the EU, following Russia’s full-scale invasion of Ukraine in 2022. The pot of assets is generating about $3bn a year in interest. Under the G7 plan, that $3bn will be used to pay off the annual interest on the $50bn loan for the Ukrainians, taken out on the international markets.
Speaking at a joint news conference at the summit’s venue in Puglia, southern Italy, President Biden said the $50bn loan would “put that money to work for Ukraine and send another reminder to [Russian President Vladimir] Putin that we’re not backing down”. The US leader stressed that the Mr Putin “cannot wait us out, he cannot divide us, and we’ll be with Ukraine until they prevail in this war”.
President Zelensky thanked his American and other allies for their unwavering support.
And referring to the new security deal, he said: “It’s a truly historic day and we have signed the strongest agreement within Ukraine and the US since our independence [in 1991]”.
The G7 group of rich nations, Canada, France, Germany, Italy, Japan, the UK and US, have been important financial and military supporters of Ukraine as it battles to contain occupying Russian forces.
Other G7 leaders also hailed the $50bn loan deal, with UK Prime Minister Rishi Sunak describing it as “game changing”.
Most of the frozen assets of the Central Bank of Russia are being held in Belgium. Under international law, countries cannot confiscate those assets from Russia and give them to Ukraine.
Several hours before the G7 decision was announced, Russian Foreign Ministry spokeswoman Maria Zakharova warned that there would be “extremely painful” retaliatory measures.
[BBC]
At least 13 people, including four children, have been killed in two incidents in Nigeria as large crowds gathered to collect food and clothing distributed at annual Christmas events, police say.
In the capital, Abuja, at least 10 people died on Saturday and many more were injured in a scramble to receive gifts of charity being distributed by the Holy Trinity Catholic Church in Maitama district.
“This unfortunate event, which took place around 6:30am [05:30 GMT], resulted in a stampede that claimed the lives of 10 individuals, including four children, and left eight others with varying degrees of injuries,” said Josephine Adeh, a police spokesperson.
In a separate incident in Okija in Anambra State in southern Nigeria, three people were killed in a crush at a charity event organised by a philanthropist, state police said.
“The event had not even started when the rush began,” police spokesman Tochukwu Ikenga said. There could be more deaths recorded as officers investigate, he said.
In both incidents, the victims were mostly women and children who were trampled as crowds tried to reach the provisions being offered.
[Aljazeera]
A military court in Pakistan has convicted 25 people for their role in violent protests following the arrest of former Prime Minister Imran Khan, the country’s armed forces has said.
The court said it handed down sentences of between two to 10 years’ imprisonment in connection with attacks on military facilities last year.
Protests erupted nationwide in May 2023 after security forces arrested Khan during his appearance at the High Court on charges of corruption – allegations that he called politically motivated.
Thousands of Khan’s supporters stormed government buildings and military installations and the government responded with a crackdown on his Pakistan Tehreek-e-Insaf (PTI) party.
At least 1,400 protesters were arrested last year, police said, but only about 100 of the people detained have faced military trials.
The army said full justice will only be served when the masterminds behind the protests are punished.
A Supreme Court ruling last year provisionally allowed military courts to try civilian suspects.
“All sentences announced by the military courts are disproportionate and excessive,” a spokesman for the PTI party said, adding that “these sentences are rejected”.
Amnesty International has said that trying civilians in military courts is “contrary to international law” and adds that it is “purely an intimidation tactic, designed to crack down on dissent”.
Pakistan’s army has heavily influenced the nuclear-armed country for most of its existence and is a crucial behind-the-scenes player.
[BBC]
Bangladesh Under 19s led by Sumaiya Akter will take on India Under 19s led by Niki Prasad in the Women’s Under 19 Asia Cup Final in Kuala Lumpur Malaysia on Sunday [22].
India Women Under 19s having beaten Nepal Women Under 19s in the group stage beat Sri Lanka Women Under 19s and Bangladesh Women Under 19s in the Super Four round to enter the final while Bangladesh Women Under 19s having beaten Sri Lanka Women Under 19s in the group stage beat beat Nepal Women Under19s in the Super Four round to enter the final
At least 13 people killed in Nigeria stampedes at charity events
Prime Minister and ADB Country Director discuss educational reforms
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