On September 27, 2024, the G7 countries are finalizing a plan to allocate $50 billion to Ukraine, utilizing frozen Russian assets, according to Bloomberg.
The United States has pledged $20 billion to the aid package, contingent on the European Union (EU) adjusting its sanctions regime to ensure predictable revenue from these assets. Currently, the EU's sanctions require unanimous approval for extensions every six months.
In response to US demands, the EU is working on a proposal to extend the asset freeze decision period to every 36 months. Meanwhile, the bloc has suggested contributing €35 billion from its budget if the US does not participate.
Opposition from Germany, France, and Italy has emerged against increasing the EU's contribution, while Hungary has proposed delaying decisions on frozen Russian assets until after the US presidential elections.
Final proposals from the G7 are anticipated during a meeting on October 25, 2024. Canada's Finance Minister Chrystia Freeland has expressed optimism regarding the global initiative to finance Ukraine's military efforts through these assets.