G7 warms to plan for Trump-proofing Ukraine aid

According to the Financial Times, Washington’s G7 allies are warming to a US plan to rush tens of billions of dollars in funding to Ukraine before Donald Trump’s potential return to the White House.

Under the plan, set to be discussed at a June summit, Kyiv would receive money upfront from a G7 loan. The loan would be backed by future profits generated from about $350bn of Russian assets which have been immobilised in the west in response to Moscow’s full-scale invasion of Ukraine.

Some G7 members have been reluctant to endorse the plan but their sentiments have shifted after a diplomatic push by the US, which is seeking to secure agreement at a summit of G7 leaders next month, according to eight western officials.

The plan would generate around $50bn to be disbursed to Ukraine as early as this summer, US officials have said. The funding would arrive at a crucial time for Kyiv as its forces struggle to hold the line amid a renewed Russian offensive following delays in delivery of western military aid.

The more reluctant G7 members have warmed to the plan as a way to ensure long-term funding for Kyiv if Joe Biden loses this year’s presidential election to Trump, who has opposed US aid to Ukraine.

It could be “done before November so, even if Trump wins, the money has already been deployed”, one person involved in the discussions said.