G7 Finalizes $50 Billion Loan for Ukraine Using Frozen Russian Assets, US Contributes $20 Billion

Oct 25, 2024, 11:30 PM

The Group of Seven (G7) nations have finalized a $50 billion loan package for Ukraine, leveraging profits from frozen Russian sovereign assets. The United States is contributing $20 billion of this loan, with the aim of providing aid to Ukraine without burdening taxpayers. Britain is providing a $3 billion loan, while Canada has also pledged a significant per capita contribution. The funds will support Ukraine's economic, defense, and reconstruction needs. The first disbursements are expected to begin by the end of the year. G7 leaders have emphasized that the use of these frozen assets, totaling around 260 billion euros, is in accordance with international law. Russia has responded by threatening to use income from foreign assets within its jurisdiction if the West proceeds with this plan.