G7 plans to provide Ukraine with $50 billion loan by end of year - US Treasury Secretary
Photo: Janet Yellen, US Secretary of the Treasury (Getty Images)
The Group of Seven intends to provide Ukraine with a $50 billion loan by the end of 2024. The repayment will be funded through the income generated from frozen Russian assets, according to a statement from US Treasury Secretary Janet Yellen during a meeting with Ukrainian Finance Minister Serhii Marchenko.
“The G7 is committed to making $50 billion in lending available for Ukraine by the end of this year,” Yellen said.
She also noted that the portion provided by the US will amount to $20 billion. The loan will be repaid using future profits from frozen Russian assets.
According to her, this approach will ensure that Russia will be forced to pay for its war, rather than taxpayers in the US or Europe.
Credit from the EU
Today, October 23, the EU Council also approved a decision to grant Ukraine up to €35 billion as part of the loan.
Ukrainian President Volodymyr Zelenskyy has already expressed gratitude for this decision to Washington, emphasizing the importance of transferring $50 billion to Ukraine by the end of this year.
Yesterday, October 22, Yellen assured that the US and the G7 had 99% agreed on the $50 billion loan for Ukraine.
