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6mo ago

G7 Approves $50 Billion Loan for Ukraine Using Frozen Russian Assets

The unprecedented financial package aims to support Ukraine's defense and reconstruction without burdening G7 taxpayers.

Military aid, delivered as part of the United States of America's security assistance to Ukraine, is unloaded from a plane at the Boryspil International Airport outside Kyiv, Ukraine February 11, 2022. REUTERS/Serhiy Takhmazov/File Photo
Recruits undergo combat assault training under the supervision of officers of Russia's Southern Military District in the course of Russia-Ukraine conflict, at a firing range in the Rostov region, Russia October 4, 2024. REUTERS/Sergey Pivovarov/ File Photo
Chancellor of the Exchequer Rachel Reeves
Treasury Secretary Janet Yellen speaks at the Council on Foreign Relations in New York City, U.S., October 17, 2024. REUTERS/Andrew Kelly/File Photo

Overview

  • The G7 nations have agreed to a $50 billion loan for Ukraine, secured by interest from frozen Russian central bank assets.
  • The United States will contribute $20 billion, with the remaining $30 billion provided by the EU, UK, Canada, and Japan.
  • The initiative prevents direct taxpayer funding by using profits from approximately $260 billion in immobilized Russian assets.
  • The decision comes amid resistance from Hungary regarding EU sanction renewals, which are crucial for maintaining the asset freeze.
  • Russian President Vladimir Putin has condemned the move as theft, warning of potential retaliation against the G7's actions.