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Ukraine set conditions for G7 before allocating $50 billion - Finance Ministry

Ukraine set conditions for G7 before allocating $50 billion - Finance Ministry Serhii Marchenko, Minister of Finance of Ukraine (Vitalii Nosach, RBC-Ukraine)
Author: Maria Kholina

Ukraine had its key conditions regarding the allocation of $50 billion. The funds will open up in the year 2025 for the country, according tp the head of the Ministry of Finance of Ukraine, Serhii Marchenko.

Key conditions

Firstly, Marchenko suggested waiting for the communiqué following the G7 leaders' summit. After this, technical work will begin to help properly structure the decision on fund allocation. Kyiv, in turn, was also involved in resolving this issue and had its key conditions:

  • Ukraine should receive the funds this year;
  • the funds should be unconditional;
  • the funds should be directed to any purposes and expenditures that Ukraine needs.

"They listened to us, and I hope that in the technical decision we are now discussing, this will be implemented. Moreover, this allows us to move the main track forward – the confiscation of assets, which we also insisted on," the minister added.

Funds open up in 2025 for Ukraine

According to Marchenko, without the decision to allocate $50 billion, the year 2025 looked completely uncertain for Ukraine, not only in terms of military expenditures but also social and humanitarian ones.

"We did not have the assurances that were needed. Now, we hopefully have these assurances, and technical teams will work on these decisions. Further, we have the prospect of forming the 2025 budget to provide for all the necessary expenditures," Marchenko explained.

Frozen Russian assets

Following the full-scale invasion by the Russian Federation into Ukraine, the West blocked the terrorist country's assets. The size of the assets is about $300 billion, though the exact figure is unknown. Ultimately, the issue of transferring funds stalled due to the fears of some allies regarding risks.

Yesterday, June 13, G7 leaders agreed to transfer $50 billion to Ukraine, using interest from the frozen assets of the Russian Federation.