G7 Pledges $50 Billion Loan to Ukraine, Repaid Through Frozen Russian Assets

Oct 22, 2024, 05:52 AM

The United States, the United Kingdom, and the European Union are set to provide significant financial assistance to Ukraine as part of a joint G7 effort utilizing profits from frozen Russian assets. The US is willing to contribute up to $20 billion to a G7 loan for Ukraine, with negotiations accelerating to finalize the agreement before year's end. Similarly, the UK has pledged a £2.26 billion ($2.93 billion) loan, and the European Parliament is set to approve a €35 billion loan. These loans will be repaid using revenues from frozen Russian assets, effectively meaning Ukraine may not have to repay them directly. The funds will support Ukraine's military efforts against Russia and aid in reconstruction of damaged infrastructure. The G7 nations are collectively preparing a $50 billion loan package for Ukraine, backed by frozen Russian central bank assets.