West authorities faces delays in approving $50 billion loan to Ukraine
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Western countries are encountering delays in agreeing on the details of a deal that would allow the use of profits from the frozen assets of Russia's central bank to provide $50 billion in aid to Ukraine, according to Euractiv.
Negotiations are progressing slowly due to US concerns about how long the frozen assets will remain under sanctions. The European Union needs to renew sanctions against Russia every six months, requiring the agreement of all 27 EU countries.
The situation is further complicated by the possibility that Hungary might veto the decision.
The US is seeking longer-term guarantees and suggests extending EU sanctions for 12 months or longer to ensure the stability of the frozen assets, sources familiar with the matter said.
$50 Billion for Ukraine
In June, at the G7 summit, the leaders of the group decided to provide Ukraine with a $50 billion loan. This loan will be repaid using the profits from the frozen Russian assets that Western countries blocked following the start of the full-scale war.
Currently, the loan terms are being discussed, including how much each G7 country will contribute to the overall fund.
The issue of the loan for Ukraine has become a key topic of discussion among G7 ministers at the G20 summit in Brazil.
