Deputy FM Calls US Loan to Ukraine ‘theft’ of Russian Money
Russian Deputy Foreign Minister Sergey Ryabkov stated that Washington's loan to Kiev, which is financed by frozen Russian assets, could be considered 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, financed by interest from Russia’s frozen assets.
Deputy Foreign Minister Sergey Ryabkov characterized the US loan as a potential act of theft, stating 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,” when speaking with journalists on Wednesday.
This loan is part of a larger $50 billion agreement among G7 nations, which includes a separate $20 billion commitment from the EU and an additional $10 billion divided among G7 members Great Britain, Japan, and Canada. The US Treasury Department confirmed that the funds were transferred to a World Bank fund intended to send them to Kiev.
Following the escalation of the Ukraine conflict in February 2022, the US and its allies froze approximately $300 billion in Russian central bank assets. In June, the G7 countries made a commitment of $50 billion in loans to support Ukraine, with plans to use the frozen Russian assets as collateral for weapons purchases and infrastructure rebuilding. This agreement was finalized in October, and Ukraine is expected to repay the substantial G7 loan over the span of 40 years.
Treasury Secretary Janet Yellen noted that the loan transfer would offer a “critical infusion of support” for Ukraine, covering about half of the country's current budget deficit. The state budget for the upcoming year, which was signed into law by President Vladimir Zelensky last month, projects revenues of $49 billion and expenditures of $87 billion, resulting in an overall deficit of $38 billion.
Zelensky expressed his “deep gratitude” to President Biden, Yellen, and the lawmakers who backed the decision to use seized Russian assets to strengthen Ukraine’s defense, calling it a “powerful act of justice.”
In the week prior, the outgoing US president approved a new $725 million military aid package for Ukraine and enacted further economic sanctions against Russia.
Russia has consistently accused the West of “stealing” its funds and cautioned that utilizing these assets would be illegal and set a perilous precedent. Finance Minister Anton Siluanov has warned that Russia would respond in kind to the West’s actions regarding its frozen central bank reserves. Last month, he stated that the nation would counter by utilizing the income from the frozen assets of Western investors.
The International Monetary Fund has also cautioned that any measures concerning the seizure of frozen Russian assets must be backed by “sufficient legal support,” as a lack of this could jeopardize trust in the Western financial system.
Olivia Brown for TROIB News
Deputy Foreign Minister Sergey Ryabkov characterized the US loan as a potential act of theft, stating 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,” when speaking with journalists on Wednesday.
This loan is part of a larger $50 billion agreement among G7 nations, which includes a separate $20 billion commitment from the EU and an additional $10 billion divided among G7 members Great Britain, Japan, and Canada. The US Treasury Department confirmed that the funds were transferred to a World Bank fund intended to send them to Kiev.
Following the escalation of the Ukraine conflict in February 2022, the US and its allies froze approximately $300 billion in Russian central bank assets. In June, the G7 countries made a commitment of $50 billion in loans to support Ukraine, with plans to use the frozen Russian assets as collateral for weapons purchases and infrastructure rebuilding. This agreement was finalized in October, and Ukraine is expected to repay the substantial G7 loan over the span of 40 years.
Treasury Secretary Janet Yellen noted that the loan transfer would offer a “critical infusion of support” for Ukraine, covering about half of the country's current budget deficit. The state budget for the upcoming year, which was signed into law by President Vladimir Zelensky last month, projects revenues of $49 billion and expenditures of $87 billion, resulting in an overall deficit of $38 billion.
Zelensky expressed his “deep gratitude” to President Biden, Yellen, and the lawmakers who backed the decision to use seized Russian assets to strengthen Ukraine’s defense, calling it a “powerful act of justice.”
In the week prior, the outgoing US president approved a new $725 million military aid package for Ukraine and enacted further economic sanctions against Russia.
Russia has consistently accused the West of “stealing” its funds and cautioned that utilizing these assets would be illegal and set a perilous precedent. Finance Minister Anton Siluanov has warned that Russia would respond in kind to the West’s actions regarding its frozen central bank reserves. Last month, he stated that the nation would counter by utilizing the income from the frozen assets of Western investors.
The International Monetary Fund has also cautioned that any measures concerning the seizure of frozen Russian assets must be backed by “sufficient legal support,” as a lack of this could jeopardize trust in the Western financial system.
Olivia Brown for TROIB News
