G7 leaders planning to set up fund to support Ukraine by using income from frozen Russian assets - media

HONG KONG. June 11 (Interfax) - G7 leaders are planning to agree to set up a fund to further support Ukraine at their summit in Italy this week, Japan's Nikkei said on Tuesday.

"The Group of Seven leading industrialized nations will set up a fund to support Ukraine, using income generated from frozen Russian assets," the news agency said citing a source.

According to the plan, the fund will be set up on the platform of World Bank or another international institution with similar functional. The fund will be replenished using loans extended by G7 countries. However, it will be organized so that Ukraine does not have to repay this money. It is planned that proceedings from Russian assets will be used to repay the loans.

"The U.S. has indicated it will provide $50 billion, and the U.K., Canada and Japan will consider contributing as well," Nikkei said.

Japan will be ready to take part in the initiative probably on the condition that its money is not used to buy weapons, it said.