G7 allies are moving ahead with a $50 billion loan for Ukraine backed by frozen Russian funds
Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of Seven allies
WASHINGTON (AP) — Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of Seven allies, the White House said Wednesday. Distribution of the money will begin by year's end, according to American officials who said the United States is providing $20 billion of the total.
Leaders of the wealthy democracies agreed earlier this year to engineer the mammoth loan to help Ukraine in its fight for survival after Russia's invasion. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral.
President Joe Biden said in a statement: “Ukraine can receive the assistance it needs now, without burdening taxpayers. These loans will support the people of Ukraine as they defend and rebuild their country. And our efforts make it clear: tyrants will be responsible for the damages they cause.”
At a ceremony Wednesday in Washington, Treasury Secretary Janet Yellen and Ukraine's finance minister, Sergii Marchenko, put into writing assurances that the U.S. loan will be paid for by the windfall proceeds of the immobilized Russian sovereign assets, not by American taxpayer dollars.
