Official announcements from G7 member countries or credible news outlets

G7 Finalizes $50B Ukraine Loan Backed by Profits from Frozen Russian Assets; US Contributes $20B

Oct 25, 2024, 04:03 PM

Group of Seven (G7) nations have finalized a $50 billion loan package for Ukraine, backed by profits generated from frozen Russian sovereign assets, with the aim to begin disbursing the funds by the end of the year. The U.S. is contributing $20 billion, announced by President Joe Biden and U.S. Treasury Secretary Janet Yellen, backed by interest from Russian sovereign assets. The European Union has granted a €35 billion loan to Ukraine for 45 years, to be repaid from the proceeds of frozen Russian assets, according to the European Council. The United Kingdom is providing a $3 billion loan, utilizing profits from $280 billion in frozen Russian assets. Canada is providing the largest per capita contribution, as noted by Deputy Prime Minister Chrystia Freeland. The loans aim to support Ukraine's economic, defense, and reconstruction needs as it continues to defend itself against Russia's aggression. The G7 countries reaffirmed that Russia's sovereign assets will remain frozen until Russia pays for the damages it has caused to Ukraine, in accordance with international law. Russia has condemned the move as 'theft' of sovereign assets, with Finance Minister Anton Siluanov warning that Russia may use income from foreign assets in response.