Court rulings or official government statements regarding the legality of using frozen assets

G7 Agrees $50 Billion Loan to Ukraine Backed by Frozen Russian Assets, Disbursement by Year's End

Oct 26, 2024, 06:45 AM

The Group of Seven (G7) nations have agreed to provide Ukraine with approximately $50 billion in loans, termed "Extraordinary Revenue Acceleration Loans," backed by profits generated from frozen Russian sovereign assets. The funds are intended to support Ukraine's economic, defense, and reconstruction needs, including financial and military assistance amid the ongoing conflict with Russia. The G7 leaders aim to begin disbursing the funds by the end of the year, according to a joint statement released on October 25, which stated that the move is "in accordance with international law." The United States is expected to contribute $20 billion, Europe a similar amount, with the United Kingdom providing around $3 billion as part of the G7 scheme. Canada announced it is providing the largest per capita contribution. The loan will be repaid using revenues from Russia's frozen assets.