Biden set to sign defense pact with Zelenskyy at G7

Security agreement could funnel billions in frozen Russian assets into Ukraine’s war effort

BRINDISI, Italy — President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the U.S. and Ukraine on Thursday when they meet on the sidelines of the Group of Seven summit in Italy.

Negotiators for the group have also reached an agreement on how to provide Ukraine with up to $50 billion backed by frozen Russian assets.

The international group of wealthy democracies has been discussing ways of using the more than $260 billion in frozen Russian assets, most of which are outside the country, to help Ukraine fight Russian President Vladimir Putin’s war machine.

European officials have resisted confiscating the assets, citing legal and financial stability concerns, but the plan would use the interest earned on the assets to help Ukraine’s war effort. An official with the French presidency confirmed the agreement Wednesday, saying most of the money would be flowing to Ukraine in the form of a loan from the U.S. government backed by the proceeds of the frozen Russian assets in the European Union. Two other people familiar with the matter confirmed the arrangement.

Final technical negotiations were underway ahead of the summit to finalize the legal terms of the deal.

The announcement of the agreement comes as Biden landed in Italy with an urgency to get big things done. Thursday’s security arrangement was aimed to send a signal to Russia of American resolve in supporting Kyiv, the White House said.

National security adviser Jake Sullivan said the security agreement would not commit U.S. troops directly to Ukraine’s defense against Russia’s invasion — a red line drawn by Biden, who’s fearful of being pulled into direct conflict between the nuclear-armed powers.

“We want to demonstrate that the U.S. supports the people of Ukraine, that we stand with them and that we’ll continue to help address their security needs,” Sullivan said, adding “this agreement will show our resolve.”

Sullivan said aboard Air Force One that the goal of the financing plan was to have a loan that would “pull forward the windfall profits from the seized assets” of Russia, giving Ukraine a “substantial source of funding” to meet its immediate needs.

The national security adviser said he had a specific sum of money in mind, but declined to say if that figure was $50 billion.