The G7 Leaders Summit Currently Underway in Italy

Picture courtesy: (Reuters) G7 leaders taking photos ahead of a summit in Puglia, Italy.

(The Post News)- The annual meeting of the Group of Seven (G7) leaders’ summit, currently taking place in Italy with the first day being on Thursday, June 13, is expected to begin by addressing the U.S. proposal to support a $50 billion loan to Ukraine.

This loan would use frozen Russian assets as collateral, providing Kyiv with a strong sense of support even as Europe’s political landscape shifts to the right. The summit gathers leaders from the world’s largest advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

Diplomats state that an agreement was reached on the proposal before the leaders even arrived in southern Italy for the three-day summit.

The U.S. proposal for Ukraine involves granting Kyiv funds through a loan with interest derived from the $325 billion in Russian assets that the G7, along with the EU, froze during Russia’s invasion of Ukraine.

However, according to international law, countries are not permitted to confiscate those assets from Russia and, moreover, to provide them to Ukraine.

The agenda at the G7 summit will also cover the conflicts in Gaza, migration issues from Africa to Europe, economic security, artificial intelligence (AI), and the climate situation.

The US proposal could manage to increase $50bn (£39bn) a year for Ukraine, including applying fresh economic pressure to Russia.

Ukrainian President Volodymyr Zelenskyy is expected to attend the conference and sign a new security arrangement with the US.

Meanwhile, Mr. Sunak is yet to announce up to $309 million to provide support regarding Ukraine’s energy and humanitarian needs.

He argued that allies need to be decisive and creative in their efforts to support Ukraine and put an end to Russian President Vladimir Putin’s illegal conflicts at this critical time.

The shaky political situation in other G7 countries is causing some observers to have low expectations regarding what can be achieved.

Natalie Tocci, the director of the Italian Institute for International Affairs, warns that the outcome of the gathering could lead to fears of a catastrophe unfolding before their eyes, with the potential for new governments led by Donald Trump in the U.S and the far-right in France on the horizon.

Pope Francis, who will be the first pontiff to attend a G7 summit, will be giving the details of artificial intelligence at the conference.

In the past, he had called for global regulation of AI, notifying people of its danger to ethics and human rights.