Washington declares G7 finalizing USD50 billion loan to Ukraine
Washington declares G7 finalizing USD50 billion loan to Ukraine . (MENAFN) US Secretary of State Antony Blinken announced that the Group of Seven (G7) nations are close to finalizing a multi-billion-dollar loan package for Ukraine, using Russian sovereign assets ...
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(MENAFN) US Secretary of State Antony Blinken announced that the Group of Seven (G7) nations are close to finalizing a multi-billion-dollar loan package for Ukraine, using Russian sovereign assets that have been frozen by Western countries. At a press briefing following a G7 meeting in Italy, Blinken reiterated the group’s commitment to ensuring Ukraine has the necessary resources and ammunition to continue its defense efforts into 2025, as well as to strengthen its position in potential future negotiations with Russia.



Blinken confirmed that the $50 billion loan secured by the G7 will be funded through the frozen Russian assets. After Russia escalated its conflict with Ukraine in February 2022, Western nations froze approximately $300 billion in assets held by the Russian central bank. In June, the G7 agreed to provide Ukraine with a loan worth $50 billion, which will be repaid using the interest generated from these frozen assets. The majority of these funds, estimated at €197 billion ($206 billion), are held at Euroclear, a clearinghouse based in Brussels, and have already earned significant interest.



Additionally, in October, US President Joe Biden announced a “historic decision” to grant Ukraine a $20 billion loan, also to be repaid through the interest on frozen Russian assets. With concerns that US President-elect Donald Trump might reduce Ukraine’s aid if elected, Western allies are working swiftly to allocate these funds. Meanwhile, Ukrainian President Volodymyr Zelensky has called for the release of the entire $300 billion in frozen Russian assets. Russia, however, has condemned the asset freeze, labeling it as theft, and warned that using these funds would set a dangerous legal precedent.



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https://menafn.com/1108941591/Washington-declares-G7-finalizing-USD50-billion-loan-to-Ukraine
2024-11-30
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(MENAFN) US Secretary of State Antony Blinken announced that the Group of Seven (G7) nations are close to finalizing a multi-billion-dollar loan package for Ukraine, using Russian sovereign assets ...
Washington declares G7 finalizing USD50 billion loan to Ukraine