Biden Approves $20 Billion Loan to Ukraine Under G7's $50 Billion Initiative

Dec 11, 2024, 01:52 PM

The Biden administration has approved a $20 billion loan to Ukraine, which will be repaid using income generated from frozen Russian assets. The funds have been transferred to a World Bank financial intermediary fund as part of a broader $50 billion initiative by the G7 to support Ukraine's defense and recovery efforts. This move aims to make Russia bear the financial burden of its war in Ukraine. However, concerns have been raised over the potential reversal of the sanctions that keep Russian central bank assets frozen, as Donald Trump, who will soon take office, may attempt to cancel the loan.