The Biden administration stated Tuesday that it had allocated $20 billion in loans to Ukraine, which would be repaid from revenues earned by “immobilized” Russian assets. “These funds – paid for by the windfall proceeds earned from Russia’s immobilized assets – will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” a statement from Treasury Secretary Janet Yellen stated. The monies were disbursed as part of a $50 billion loan proposal agreed upon by the leaders of the Group of Seven countries earlier this year to help Ukraine’s “budgetary, military and reconstruction assistance.”
“The $50 billion jointly being provided by the G7 through this initiative will help ensure Ukraine has the financial backing it needs to sustain emergency services, hospitals, and other foundations of its courageous resistance,” Yellen explained.”With America’s security assistance to Ukraine and the steps we will continue to take to decisively tighten sanctions on Russia, this action will further position Ukraine to defend its sovereignty and achieve a just peace,” the foreign minister said.
“Right now, is engaged our alliance in a battle of wills, expecting us to tire and eventually flee. However, via smart policymaking and G7 unity, we are sending an unmistakable message of resolve by forcing Russia to bear the expenses of its illegal war rather than taxpayers in our coalition.” “This critical support, funded by immobilized Russian assets, will strengthen Ukraine’s defense and help protect our sovereignty and people against unprovoked aggression,” Zelensky told X.
“This decision is a powerful act of justice,” she said. “By utilizing Russia’s assets to support Ukraine, the G7 is holding the aggressor accountable.” “This sends a clear and resolute message: Russia must pay for its brutal war, Putin’s regime must face the consequences of its violations of international law, war crimes, and assault on democracy.” The loan announcement comes fewer than six weeks before President-elect Donald Trump assumes office. When he returns to the White House, the 45th president promises to restore peace to Ukraine as soon as possible.
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