G7 finance ministers are expected on Saturday to agree a broad plan to use interest from frozen Russian assets for Ukraine, paving the way for a potential agreement among leaders next month.
The challenge of finding more funds for Ukraine as it battles fresh territorial advances by Russia after more than two years of war has dominated a meeting of finance ministers from the world’s richest democracies in the northern Italian city of Stresa.
The meeting comes as Kyiv claims to have “stopped” Russia’s advance in the Kharkiv region, but Ukraine’s General Staff admitted on Saturday that “the enemy has partial success” and that “the situation is tense” as fighting continues.
President Volodymyr Zelensky has increased appeals for assistance as his army struggles.
On Friday, Washington announced a new $275 million package of military aid for Ukraine.
Sergii Marchenko, Ukraine’s finance minister, was scheduled to attend Saturday’s G7 meeting in Stresa, hoping to tap into interest from frozen Russian assets.
Any detailed agreement would require the approval of G7 leaders, who will meet in Puglia next month, but observers believe a deal “in principle” could be reached on Saturday.
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