Economic reports from international financial institutions or major news outlets

Biden Admin's $20B Loan to Ukraine from Frozen Russian Assets Sparks Moscow's Retaliation Threat

Dec 11, 2024, 07:25 PM

As one of its final actions, the Biden administration has announced a significant $20 billion loan to Ukraine, funded by proceeds from frozen Russian assets. This move, executed through the U.S. Treasury Department and disbursed via the World Bank, aims to provide essential support to Ukraine amidst ongoing conflicts. Russia has vehemently criticized the loan, with Foreign Ministry spokesperson Maria Zakharova calling it 'theft' and vowing retaliation. U.S. Treasury Secretary Janet Yellen gathered her staff to watch the transfer, emphasizing the importance of the transaction. Senator Michael Bennet has expressed support for the use of frozen Russian assets to aid Ukraine, stating that it comes at no expense to American taxpayers. The U.S. Treasury Department has assured that the loan will not be affected by the incoming Trump administration, ensuring continuity in U.S. support for Ukraine.