Biden, France's Macron Reach Agreement On Using Russian Assets For Ukraine

U.S. President Joe Biden on June 9 said he had reached an agreement with French President Emmanuel Macron on the use of profits from frozen Russian assets to help Ukraine. Details weren't disclosed. The Group of Seven and EU are considering how to use profits generated by Russian assets frozen in the West to provide Ukraine with a large up-front loan now and secure Kyiv's financing for 2025. Around $281 billion in Russian central bank funds are frozen worldwide, most of it in the EU. The funds generate up to $3.8 billion annually in profit, which the EU says isn't contractually owed to Russia and therefore represents a windfall. Russia says diversion profits from frozen funds would amount to theft.