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G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

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G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

2024-06-14 16:46 Last Updated At:06-15 01:57

The G7 countries' recent decision of funding Ukraine with the profits of frozen Russian assets has received negative feedbacks in international public opinions.

On Thursday, the opening day of the annual Group of Seven (G7) summit in the southern Italian region of Puglia, the participating countries reached a political agreement, under which Ukraine will get 50 billion U.S. dollars in loan from the G7 countries using profits from frozen Russian financial assets.

The EU and G7 countries, namely the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom (UK), have frozen about 300 billion U.S. dollars of Russian assets in the wake of the breakout of the Russia-Ukraine conflict, with billions U.S. dollars in interest expected to generate every year.

As long as the G7 member states spend less than 3 percent or around 35 billion U.S. dollars of their combined annual military spending, it can help eliminate global hunger and resolve the debt crisis in the Global South, said Oxfam, a UK-based charity group, in a commentary published on its website Wednesday.

The organization said it would require 31.7 billion U.S. dollars every year to end the world hunger in all its forms and another 4 billion U.S. dollars to get the world's poorest countries to be relieved from debt. That would only cost the G7 countries 2.9 percent of their whole military expenditure last year, which was around 1.2 trillion U.S. dollars.

Max Lawson, Oxfam International's head of inequality policy criticized that these governments have deep pockets when it comes to funding wars, but when it comes to fighting hunger, they suddenly go bankrupt.

In its report titled "G7 leaders huddle in Italy, escaping political peril at home", U.S. media CNN also questioned if the leaders of G7 countries could actually play an effective role at the summit because nearly all of them are mired in domestic politics.

G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

G7's plan of funding Ukraine with frozen Russian assets spawns critical commentary

Russia on Saturday said its forces had hit Ukraine's ammunition depot, while the Ukrainian side said Russia suffered heavy losses over the past 24 hours.

The Russian Defense Ministry said in its report on Saturday that its forces repelled several Ukrainian military attacks, occupied a more favorable position, and hit targets such as the Ukrainian electronic warfare station, ammunition depot, and counter-battery radar. Russian air defense systems also intercepted a number of missiles, rockets and drones from Ukraine.

On the same day, the General Staff of the Armed Forces of Ukraine reported that its forces had engaged the Russian army more than 100 times in multiple directions. Ukrainian forces are continuing to block Russian advances and had inflicted heavy losses on Russian military personnel and equipment.

Kremlin press secretary Dmitry Peskov said on Saturday that the United States has been deploying missiles in Europe against Russia, but Russia has sufficient capabilities to counter the missiles deployed by the United States in Europe. So as Russia has identified these missile deployment sites as targets for Russian missiles, the potential victims will be these European countries.

Russia claims hitting Ukraine's ammunition depot, Ukraine reports inflicting losses on Russia

Russia claims hitting Ukraine's ammunition depot, Ukraine reports inflicting losses on Russia

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