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6mo ago

G7 Finalizes $50 Billion Loan to Ukraine Using Frozen Russian Assets

The loan, backed by profits from immobilized Russian sovereign assets, aims to support Ukraine's budgetary, military, and reconstruction needs.

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Leaders of the Group of Seven wealthy democracies said they 'have reached a consensus on how to deliver' the loans of approximately $50 billion to Kyiv, with an aim to start disbursing funds by the end of this year
US Treasury Secretary Janet Yellen (left) signed a statement with her Ukrainian counterpart Sergii Marchenko (right) marking their intent to enter into the loan
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Overview

  • G7 leaders have agreed to provide Ukraine with a $50 billion loan, serviced by profits from frozen Russian assets.
  • The funds are expected to be disbursed by the end of the year to address Ukraine's urgent financial needs.
  • The European Union will contribute up to €35 billion, with additional funds from the US, UK, Canada, and Japan.
  • The loan is part of the G7's commitment to support Ukraine's fight for freedom and recovery from Russian aggression.
  • The initiative is facilitated by the Ukraine Loan Cooperation Mechanism, ensuring coordinated and fair distribution among G7 members.