Deputy FM calls US loan to Ukraine ‘theft’ of Russian funds
Russian Deputy Foreign Minister Sergey Ryabkov has stated that Washington's loan to Kiev, which is financed by frozen Russian assets, could potentially be deemed as robbery by the G7. Read Full Article at RT.com
TroibNews 
On Tuesday, the US Treasury Department announced the transfer of a $20 billion loan to Ukraine, funded by the interest accrued from Russian assets frozen by Western nations.
Deputy Foreign Minister Sergey Ryabkov characterized the loan disbursement by the US as potentially amounting to theft. He remarked that the US loan is part of a broader $50 billion G7 loan agreement, which includes a separate $20 billion commitment from the EU and an additional $10 billion to be divided among G7 members including Great Britain, Japan, and Canada. The Treasury Department confirmed that the funds have been transferred to a World Bank fund, which will relay the money to Kiev.
“I can say that this act falls under the classification of robbery [on the part] of an organized group, I mean [on the part] of the Group of Seven,” Ryabkov stated to reporters on Wednesday.
Following the escalation of the Ukraine conflict in February 2022, the US and its allies froze approximately $300 billion in assets belonging to the Russian central bank. In June, G7 members made a pledge of a $50 billion loan to support Ukraine, with the collateral being the frozen Russian assets to facilitate the purchase of weapons and the reconstruction of infrastructure. This agreement was finalized in October, with Ukraine expected to repay the loan over 40 years.
Treasury Secretary Janet Yellen highlighted that the loan transfer will provide Ukraine with a “critical infusion of support,” which addresses about half of Kiev’s current budget deficit. The state budget for the upcoming year, signed into law by President Vladimir Zelensky last month, projects revenues of $49 billion against expenditures of $87 billion, resulting in an overall deficit of $38 billion.
Zelensky expressed his “deep gratitude” to President Biden, Yellen, and lawmakers for their support of using seized Russian assets to enhance Ukraine's defense capabilities, calling their decision a “powerful act of justice.”
A week prior, the outgoing US president authorized a new military aid package worth $725 million for Ukraine and imposed additional economic sanctions on Russia.
In response, Moscow has persistently accused Western nations of “stealing” Russian funds and cautioned that utilizing these assets would be illegal and create a dangerous precedent. Finance Minister Anton Siluanov indicated in October that Moscow would retaliate against the Western appropriation of income generated from its frozen central bank reserves. Last month, he mentioned that Russia would retaliate by leveraging income from the frozen assets of Western investors.
The International Monetary Fund has also indicated that any actions related to the seizure of frozen Russian assets should be backed by “sufficient legal support,” warning that a lack of legal backing could erode confidence in the Western financial system.
Max Fischer contributed to this report for TROIB News
Deputy Foreign Minister Sergey Ryabkov characterized the loan disbursement by the US as potentially amounting to theft. He remarked that the US loan is part of a broader $50 billion G7 loan agreement, which includes a separate $20 billion commitment from the EU and an additional $10 billion to be divided among G7 members including Great Britain, Japan, and Canada. The Treasury Department confirmed that the funds have been transferred to a World Bank fund, which will relay the money to Kiev.
“I can say that this act falls under the classification of robbery [on the part] of an organized group, I mean [on the part] of the Group of Seven,” Ryabkov stated to reporters on Wednesday.
Following the escalation of the Ukraine conflict in February 2022, the US and its allies froze approximately $300 billion in assets belonging to the Russian central bank. In June, G7 members made a pledge of a $50 billion loan to support Ukraine, with the collateral being the frozen Russian assets to facilitate the purchase of weapons and the reconstruction of infrastructure. This agreement was finalized in October, with Ukraine expected to repay the loan over 40 years.
Treasury Secretary Janet Yellen highlighted that the loan transfer will provide Ukraine with a “critical infusion of support,” which addresses about half of Kiev’s current budget deficit. The state budget for the upcoming year, signed into law by President Vladimir Zelensky last month, projects revenues of $49 billion against expenditures of $87 billion, resulting in an overall deficit of $38 billion.
Zelensky expressed his “deep gratitude” to President Biden, Yellen, and lawmakers for their support of using seized Russian assets to enhance Ukraine's defense capabilities, calling their decision a “powerful act of justice.”
A week prior, the outgoing US president authorized a new military aid package worth $725 million for Ukraine and imposed additional economic sanctions on Russia.
In response, Moscow has persistently accused Western nations of “stealing” Russian funds and cautioned that utilizing these assets would be illegal and create a dangerous precedent. Finance Minister Anton Siluanov indicated in October that Moscow would retaliate against the Western appropriation of income generated from its frozen central bank reserves. Last month, he mentioned that Russia would retaliate by leveraging income from the frozen assets of Western investors.
The International Monetary Fund has also indicated that any actions related to the seizure of frozen Russian assets should be backed by “sufficient legal support,” warning that a lack of legal backing could erode confidence in the Western financial system.
Max Fischer contributed to this report for TROIB News
