The Biden administration announced on Tuesday that it would distribute $20 billion in loans to Ukraine, with the funds recovered from profits generated by “immobilized” Russian assets.
“These funds, paid for with windfall profits from Russia's own disabled assets, will provide a critical injection of support in defending Ukraine from an unprovoked war of aggression.” Treasury Secretary Janet Yellen said in a statement.
The distributed funds are $50 billion loan initiative It was agreed by G7 leaders earlier this year to help Ukraine with “budgetary, military and reconstruction assistance.”
Under the terms of the agreement, the United States, Canada, France, Germany, Italy, Japan and the United Kingdom will each provide huge loans to war-torn Ukraine, which will be recovered through profits generated by approximately $280 billion in frozen Russian assets. It turns out. Mainly located in Europe.
“The $50 billion jointly provided by the G7 through this initiative will help ensure Ukraine has the emergency services, hospitals and other resources it needs to maintain the foundations of its courageous resistance,” Yellen said. Ta.
“Along with U.S. security assistance to Ukraine and the steps we continue to take to decisively strengthen sanctions against Russia, this action will further position Ukraine to protect its sovereignty and achieve a just peace. “It will be,” she added.
“Right now, [Russian President Vladimir Putin] They engage our coalition forces in a contest of wills, hoping that we will become exhausted and eventually retreat. But through creative policymaking and the unity of the G7, we are sending an unmistakable message of resolve by making Russia, rather than Allied taxpayers, increasingly bear the costs of an illegal war. is. ”
The Biden administration has ordered the World Bank to distribute a huge loan to Ukraine.
Ukrainian President Volodymyr Zelenskiy said he was “deeply grateful” to Presidents Biden and Yellen for their funding.
“This important assistance, funded by stuck Russian assets, will help strengthen Ukraine's defenses and protect its sovereignty and people from unprovoked aggression,” Zelenskiy wrote in X magazine.
“This decision is a powerful act of justice,” he added. “By using Russian assets to support Ukraine, the G7 is holding the aggressor accountable.”
“This sends a clear and resolute message: Russia must pay the price for its brutal war. Putin's regime must face the consequences of its violations of international law, war crimes, and attacks on democracy. .”
The loan announcement comes less than six weeks before President-elect Donald Trump's inauguration.
The 45th president vowed to quickly bring peace to Ukraine as soon as he returns to the Oval Office.
Trump, 78, suggested in February that U.S. aid to Ukraine should come in the form of loans.
