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- US will use frozen Russian assets to fund Ukraine defense (newsbreak.com)
US Approves $20 Billion Loan to Ukraine Using Frozen Russian Assets
The Biden administration has announced a $20 billion loan to Ukraine, backed by the value of frozen Russian assets. The loan is part of a $50 billion financial support package agreed upon by the Group of Seven (G7) nations to aid Ukraine in the ongoing conflict.
The loan, known as the Extraordinary Revenue Acceleration, will enable Ukraine to receive immediate assistance without burdening US taxpayers. Daleep Singh, Deputy National Security Advisor, emphasized the unprecedented nature of freezing an aggressor’s assets and using them to support the victim.
The US will provide at least $10 billion for economic support through a World Bank fund. The administration hopes to allocate another $10 billion for military aid, but this requires congressional approval.
The loan will address Ukraine’s energy needs and provide protection against drone attacks on critical infrastructure. President Biden stated that the US will provide the full $20 billion in support, regardless of whether it is divided between economic and military aid.
The European Parliament and the UK government have also approved loans totaling over $40 billion towards the $50 billion pledge. The remaining $30 billion is expected to come from other G7 partners.
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- US will use frozen Russian assets to fund Ukraine defense (newsbreak.com)