Global

The G7 will explore ways to use future revenues from frozen Russian assets to help Ukraine. Following Russia's invasion of Ukraine in February 2022, the G7 and its allies froze around $300 billion in Russian assets. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement said. G7 negotiators have been discussing for weeks how best to use these assets, which include major currencies and government bonds held mainly in European vaults. The United States (US) has been urging its G7 partners - Japan, Germany, France, Britain, Italy and Canada - to support a loan that could provide Kyiv with up to $50 billion in the near term. The cautious language of the statement, lacking figures or specifics, underlines the many legal and technical issues that would need to be resolved before such a loan could be issued. A G7 source indicated that there would be no significant changes to the statement before the final version is released later on Saturday (25 May).

US President Joe Biden commended Kenya’s President, William Ruto on Thursday (23 May), congratulating him for his intervention in Haiti. President Ruto's visit to the White House marks the first state visit by an African leader to the United States in over 15 years.