Japan to send $3.3 billion to Ukraine from frozen Russian assets proceeds
Illustrative photo (Getty Images)
Japan has entered the final stage of coordinating the provision of $3.3 billion in support for Ukraine using frozen Russian assets, according to Kyodo.
According to diplomatic sources, this amount represents more than 6% of the total support package of $50 billion. Japan is rushing to finalize the implementation system for this aid by the end of the year.
It is expected that the G7 will discuss and reach a common agreement during the G20 finance ministers and central bank governors meeting in Rio de Janeiro, Brazil, at the end of July.
The United States and the European Union, which play a leading role in utilizing frozen Russian assets, will each contribute $20 billion of the $50 billion. The remaining $10 billion will be divided between Japan, the United Kingdom, and Canada.
The G7 has decided that aid to Ukraine, which is suffering from Russian aggression, will be provided in the form of a loan, and investment income from frozen Russian assets will be used to repay the loan.
$50 billion loan
At the summit in June in Italy, the G7 leaders agreed to provide Ukraine with a $50 billion loan using income from Russian assets frozen in Western countries since the start of the full-scale war in Ukraine. These funds are planned to be transferred to Ukraine by the end of 2024.
EU countries plan to provide up to 60% of the funds for the $50 billion loan to Ukraine.
