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Biden and Macron Agree to Use $3 Billion in Frozen Russian Assets to Aid Ukraine; €260 Billion Frozen

Jun 9, 2024, 03:51 PM

U.S. President Joe Biden and French President Emmanuel Macron have reached an agreement on utilizing $3 billion in frozen Russian assets to aid Ukraine. This decision, part of a broader roadmap, includes using profits from these assets to provide Ukraine with an upfront loan and secure its financing through 2025. About €260 billion of Russian central bank funds are frozen, generating €2.5-€3.5 billion annually. The agreement marks a significant step in addressing ongoing tensions with Russia and demonstrates the strong support of the U.S. and France for Ukraine amid the ongoing conflict. Additionally, Biden has pledged $225 million in new military aid, further solidifying the commitment of the U.S. to back Kyiv completely.