Key details of the financing arrangement still need to be agreed, but the leaders, meeting at a summit of the Group of Seven major advanced economies, hope it will shore up Ukraine’s finances as it fights against the two-year-old Russian invasion.
Separately, Biden and Ukrainian President Volodymyr Zelensky are expected to unveil a bilateral security agreement that seeks to establish a long-term U.S. commitment to military aid for the embattled country.
The steps by G-7 leaders at the summit in southern Italy represent the latest effort by Western allies to signal their commitment to supporting Ukraine’s defense with arms and funding, despite political divisions within the U.S. and Europe creating uncertainty about the longevity of that support.
Russian President Vladimir Putin has redoubled the military pressure on Ukraine in recent months, exploiting the sputtering flow of Western military aid to badly damage Ukraine’s energy grid with missile attacks and expanding Russia’s ground offensive in eastern Ukraine.
G-7 leaders aimed to announce the framework of an agreement to use the investment returns, mainly interest payments, generated from roughly $300 billion in Russian sovereign assets that the U.S. and Europe froze after Russia launched its full-scale invasion of Ukraine. Most of the Russian central bank assets are held in Europe.
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The plan seeks to create a new financial instrument to provide Kyiv with years’ worth of expected profits on Russian assets.
U.S. and French officials said they hope the disbursements can start flowing to Ukraine by the end of the year.
A senior Biden administration official said G-7 leaders had a “political agreement at the highest levels for this deal. And it is $50 billion…that will be committed.”
Zelensky, one of several world leaders invited to join the three-day summit at a luxury resort in the Italian region of Puglia, was due to hold a joint news conference with Biden late on Thursday.
The U.S.-Ukraine security pact seeks to commit future administrations to work with Congress to provide funding and military support for Kyiv. It makes no new promises regarding Ukraine’s bid to join the North Atlantic Treaty Organization. White House officials acknowledge that future U.S. presidents could withdraw from the bilateral agreement, which isn’t a treaty and doesn’t require congressional approval. It also has no dollar amount of military funding attached.
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Ukraine has already signed a series of similar pacts with European and other countries, some of which have spelled out specific future support.
Former President Donald Trump, who faces Biden in November’s rematch election, has said he believes he could persuade Putin to negotiate an end to the war and has questioned why the U.S. has been sending billions of dollars worth of military and financial aid to Ukraine.
But Trump quietly consented to the passage of a short-term military-aid package for Ukraine and endorsed proposals by some Republicans to support Ukraine in the form of a loan.
White House national security adviser Jake Sullivan told reporters Thursday that the security agreement with Ukraine was a “real marker of our commitment, not just for this month, this year, but for many years to support Ukraine, both in defending against Russian aggression and in deterring future aggression so that Ukraine can be a sovereign, viable, thriving democracy.”
Sullivan told reporters traveling aboard Air Force One Wednesday that it would send Russia “a signal of our resolve. If Vladimir Putin thinks that he can outlast the coalition supporting Ukraine, he’s wrong. He just cannot wait us out.”
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Ukraine desperately needs continued financial support. A separate loan package from the European Union worth 50 billion euros, equivalent to around $54 billion, is intended to help shore up Kviv’s ability to pay for basic government services, salaries and pensions through 2027.
In addition, the World Bank estimated in February that Ukraine’s reconstruction costs after the war will total close to $500 billion.
The planned $50 billion in financing for Kyiv backed by Russian assets must still overcome differences between Washington and European capitals on the technical details of how to structure the funding and how the risk on the loans should be shared.
European officials have said in recent days they envisage much of the funding would flow via existing EU programs for Ukraine. They also want the U.S. to help guarantee the loan so that if profits from the Russian assets stop flowing in, Europe won’t have to foot the bill alone.
The EU wants the loan to pay mainly for military aid for Ukraine, in line with a previous agreement it made on how to use the windfall profits, which are expected to total around $3 billion to $4 billion a year. The EU also wants to make sure their companies win some of the contracts for the civilian or military work that Ukraine spends the money on.
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Washington had been pushing for a loan to be made by a special purpose vehicle managed by the World Bank, with the U.S. and its G-7 partners supplying the money upfront. The U.S. is concerned that the flow of profits from frozen Russian assets could be halted in Europe if Hungary, whose leader Viktor Orban has long had close relations with Moscow, vetoes the continued EU sanctioning of Russian assets. Authorization for the asset freeze and other EU sanctions must be renewed every six months.
European officials have said resolving the technical details could take many weeks. Sullivan said G-7 leaders planned to set a clear timetable for experts to agree on details.
Noemie Bisserbe contributed to this article.
Write to Ken Thomas at ken.thomas@wsj.com and Laurence Norman at laurence.norman@wsj.com
My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.
When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.
The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.
Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).
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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.
However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).
Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.
San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).
The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.
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A peek inside the scorecard’s grades shows where trouble exists within California.
Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.
Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.
Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
