Reports from the U.S. Department of the Treasury or the World Bank

U.S. Offers Ukraine $20 Billion Loan from Frozen Russian Assets Before Trump's Inauguration

Dec 10, 2024, 06:28 PM

On December 10, the U.S. Department of the Treasury announced the disbursement of a $20 billion loan to Ukraine, to be repaid over 40 years using proceeds from immobilized Russian sovereign assets. The loan is part of the $50 billion G7 Extraordinary Revenue Acceleration (ERA) Loans Initiative and aims to provide critical support to Ukraine's economy and emergency services amid its ongoing conflict with Russia. The funds will be disbursed through the World Bank. U.S. Treasury Secretary Janet Yellen stated, "These funds, paid for with proceeds from Russia's frozen assets, will provide critical support to Ukraine." The announcement comes as the Biden administration rushes to support Kyiv ahead of President-elect Donald Trump's inauguration in January.