The G7 summit commenced in Italy on Thursday, focusing on a $50 billion loan for Ukraine, backed by frozen Russian assets. Diplomatic sources verified the agreement, providing substantial support to Kyiv amid Europe's shifting political landscape. Ukrainian President Volodymyr Zelensky is set to sign a separate bilateral security agreement with U.S. President Joe Biden. This year's summit is held at the Borgo Egnazia complex in Puglia, Italy.
Notably, Pope Francis will address the summit, becoming the first pontiff to do so. His speech, scheduled for Friday, will cover the implications of artificial intelligence and promote peaceful resolutions to conflicts in Ukraine and Gaza.
Italy's Prime Minister Giorgia Meloni, whose far-right party performed well in recent European Parliament elections, hosts the summit. In addition to G7 members Canada, France, Germany, Japan, the UK, and the U.S., leaders from Algeria, Kenya, Tunisia, Brazil, India, and Turkey are attending as guests.
The U.S.-proposed loan, using profits from Russia’s frozen assets, aims to support Ukraine’s war efforts. The assets, primarily held in the EU, present a challenge if they are unfrozen post-war. Concurrently, Prime Minister Rishi Sunak announced £242 million in non-military aid for Ukraine. The U.S. also extended sanctions to target Chinese firms aiding Russia.
Meloni's strong domestic position contrasts with the electoral struggles of France's Emmanuel Macron and Germany's Olaf Scholz, enabling her to influence summit priorities. The G7 discussions include a focus on migration, with Meloni aiming to show Italy's development plans for Africa.
Overall, the summit underscores significant geopolitical and economic commitments amid Europe's evolving political landscape.