Ukraine to receive funds from Russian assets in coming months, details being discussed - Freeland
Minister of Finance of Canada Chrystia Freeland (Vitalii Nosach, RBC-Ukraine)
Canada's Finance Minister Chrystia Freeland expressed confidence that the global plan to fund Ukraine’s military efforts using frozen Russian assets would soon be implemented, citing Politico.
"I’m very confident Ukraine will start getting the money in the coming months. At this point what we’re talking about is the technicalities," Freeland said.
Following Russia's invasion of Ukraine in February 2022, global powers froze approximately $280 billion in Russian assets as part of sanctions. Chrystia Freeland played a crucial role in convincing allies to take this step.
Western countries have long debated whether to seize these assets, concerned about the potential unpredictable global consequences of such an unprecedented move.
This summer, G7 nations, including Canada, the US, and Japan, agreed on a plan to use profits from frozen assets to provide Ukraine with a $50 billion loan to support its military efforts. Freeland has been a strong advocate of this initiative, leveraging her connections with key global figures like US Treasury Secretary Janet Yellen.
Loan to Ukraine
In June, G7 leaders agreed to provide Ukraine with a $50 billion loan, which would be repaid using profits from frozen Russian assets.
Simultaneously, the EU approved a €35 billion loan for Ukraine, backed by future profits from the Russian central bank's assets. This decision aims to ensure steady financial support for Ukraine, particularly in the event of potential shifts in US policy.
At the same time, Deputy Head of the Presidential Office Iryna Mudra said that it remains unclear how Ukraine can access the $50 billion loan from frozen Russian assets. There is a lack of political will to release the funds.
