U.S., Ukraine sign decade-long security pact. But what does it mean?

President Joe Biden signed a 10-year security agreement with Ukrainian President Volodymyr Zelenskyy as he and other leaders of the Group of Seven wealthy democracies announce a $50 billion loan to support Ukraine’s defense and reconstruction efforts amid the ongoing conflict with Russia.

“He cannot wait us out,” Biden said of Russian President Vladimir Putin. “He cannot divide us.”

Zelenskyy said the agreement demonstrated the “credibility of American support for our Ukrainian independence,” per news reports.

Here are the latest developments at the G7 summit:

The 10-year bilateral security agreement

• On the sidelines of the G7 summit, Biden signed a 10-year security agreement, which he said signals American commitment to the future of Ukraine, The New York Times reported.
• Biden patterned this agreement to be equivalent to Israel’s long-term security accord, guaranteeing provisions to train and equip Ukraine’s forces, provide modern weapons and help build a self-sufficient military industry, per The New York Times.
• But the bilateral pact will not guarantee that the U.S will come to Ukraine’s defense if attacked, The Guardian reported.
• Comparison to past agreements: Ukraine has had bitter experiences with similar agreements and often refers to the Budapest memorandum in 1994 where Ukraine was in need of defense after Russia annexed Crimea in 2014.
• The new accord, according to The New York Times, requires the U.S. to consult with Ukraine within 24 hours in the event of future Russian attacks.
• The Guardian reported that Ukraine has signed 15 bilateral security agreements with other countries since the Russian attack began in 2022.
• The two presidents planned a press conference later on Thursday to talk about differences regarding a timetable for Ukraine to join NATO. The bilateral security agreements have been seen in Ukraine as temporary help while it works toward its NATO membership, per The Guardian.
• The pledge is less formal than a treaty and is not binding for future presidents, according to CNN. Former President Donald Trump has not said whether or not he would continue to support this agreement if he wins in November.
• The Guardian reported U.S. national security adviser Jake Sullivan said: “By signing this, we’ll also be sending 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, and this agreement will show our resolve and continued commitment.”

The financial loan at the G7 summit

• The large G7 economies agreed to give Ukraine a $50 billion loan to help buy weapons and contribute to reconstruction amid ongoing conflict with Russia, per The New York Times.
• The Associated Press reported that the U.S. will guarantee most of the loan.
• Potential additional funding could increase the loan with contributions of other European countries, according to a French official.
• The loan is expected to be backed by interest earned on approximately $300 billion in frozen Russian assets, according to The New York Times.
• The Associated Press reported the plan is to get Ukraine the loan as quickly as possible. The move to unlock the assets already comes after a long delay by Washington to approve military aid for Ukraine.