FAA investigates Boeing and Airbus; G7 provides $50 billion loan to Ukraine

FAA investigates allegations of Boeing and Airbus using counterfeit titanium from China. President Biden and G7 leaders agree to provide Ukraine with $50 billion loan from frozen Russian assets for military aid, humanitarian support, and reconstruction.

International Support for Ukraine Amid Russian Invasion

President Joe Biden and G7 leaders agree to provide Ukraine with a $50 billion loan backed by frozen Russian assets to support military aid, humanitarian efforts, and reconstruction. The loan will be secured by interest from $300 billion in frozen Russian assets. Biden also announces a $225 million weapons package for Ukraine and signs a joint security agreement with Ukrainian President Volodymyr Zelenskyy. Biden's visit to Italy includes meetings on global infrastructure projects, China's market practices, and a meeting with Pope Francis.

G7 Finance Officials Discuss Using Frozen Russian Assets for Ukraine Benefit

G7 finance officials are working towards an agreement to use Russian assets frozen in their countries to benefit Ukraine, with a final decision to be made at the G7 summit in June. Legal and technical issues still need to be addressed. US proposes borrowing against future interest income for immediate $50 billion for Ukraine, but European countries have concerns. G7 also discusses China's state-backed production of green energy technology.

Finance Leaders of G7 Nations to Reaffirm Commitment on Currency Moves

Finance leaders of the G7 nations will reaffirm their commitment to warning against excessively volatile and disorderly currency moves, according to a draft statement seen by Reuters.

G7 Foreign Ministers Meeting on Ukraine Aid and International Relations

G7 foreign ministers discuss aid to Ukraine, warning of potential defeat by Russia, shortage of ammunition, and delayed funding from the U.S. Republicans. They also address Israel's air defense needs and call for Western support against Iran's armed drones. Domestic political wrangling delays aid package vote in the U.S. House of Representatives.

Russian Crude Oil Prices

Russian crude oil is currently selling for about $75 per barrel, above the $60 cap imposed by the G7 in 2022. Despite efforts to starve Russia’s war machine of oil revenue, prices remain high, especially in markets like India. Western shipping companies may not be honestly reporting the value of the Russian oil they transport.