Biden announces $50bn G7 loan to Ukraine backed by frozen Russian assets
Al Jazeera
US Treasury Secretary Yellen says Russia will be ‘bear the costs of its illegal war, instead of taxpayers’ in the West.
Washington, DC – The White House has announced that the Group of Seven (G7) will offer Ukraine a $50bn loan backed by interests accrued on Russian government assets frozen by the political and economic group of wealthy nations.
President Joe Biden said on Wednesday that the United States will cover $20bn of the loan, which “will be paid back by the interest earned from immobilized Russian sovereign assets”.
“In other words, Ukraine can receive the assistance it needs now, without burdening taxpayers,” Biden said in a statement.
“These loans will support the people of Ukraine as they defend and rebuild their country. And our efforts make it clear: tyrants will be responsible for the damages they cause,” he added.
Countries in the G7 – Canada, France, Germany, Italy, Japan, the United Kingdom, and the US – imposed heavy sanctions on Russia over its invasion of Ukraine in 2022, cutting off Moscow’s access to its own funds in their financial system.
