G7 close to securing $50 billion loan for Ukraine, says Washington
US Secretary of State Blinken has indicated that the group is in the process of developing a loan package, with repayment planned through frozen Russian assets. Read Full Article at RT.com.
TroibNews 
The loan will be secured from Russia’s sovereign assets, frozen by the West, the US Secretary of State has said.
US Secretary of State Antony Blinken announced that the Group of Seven is in the process of finalizing a multi-billion-dollar loan package for Ukraine, sourcing funds from Russian sovereign assets that have been frozen by Western nations.
During a press briefing after the G7 meeting in Italy, Blinken emphasized the group's dedication to ensuring that Ukraine has the necessary resources and military supplies to continue its defense efforts "effectively" into 2025 and to engage in potential negotiations with Moscow from a position of strength.
“In our support for Ukraine, we are finalizing getting out the door the $50 billion that has been secured on the basis of the Russian sovereign assets that are frozen,” Blinken stated.
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 committed to providing a $50 billion loan to Kiev, which will be reimbursed using funds frozen from Moscow.
The majority of these frozen assets, roughly €197 billion, are held at Euroclear. The Brussels-based clearinghouse has reported that the immobilized Russian funds accrued €5.15 billion in interest during the first three quarters of the current fiscal year.
In October, outgoing US President Joe Biden announced a “historic decision” to grant $20 billion in loans to Ukraine, which would be repaid with interest derived from the frozen Russian sovereign assets.
As concerns grow that US President-elect Donald Trump may reduce aid to Ukraine, Kiev's Western allies are working to expedite the allocation of these funds. Trump has indicated during his campaign that he might cut support for Ukraine if he takes office.
Earlier this month, Ukrainian President Vladimir Zelensky called for the full $300 billion in frozen Russian sovereign assets to be allocated to Ukraine.
Moscow has consistently condemned the freeze on assets as “theft,” warning that accessing these funds would be illegal and set a troubling precedent.
Last week, Russian Finance Minister Anton Siluanov announced plans to implement retaliatory measures in response to the West’s actions. He disclosed that Russia had also frozen assets belonging to Western investors, financial market participants, and companies, asserting that “the income from these assets will also be used.”
The International Monetary Fund has cautioned that any decisions regarding the seizure of frozen Russian assets should be supported by “sufficient legal support,” warning that without it, such actions could erode trust in the Western financial system.
Ian Smith for TROIB News
US Secretary of State Antony Blinken announced that the Group of Seven is in the process of finalizing a multi-billion-dollar loan package for Ukraine, sourcing funds from Russian sovereign assets that have been frozen by Western nations.
During a press briefing after the G7 meeting in Italy, Blinken emphasized the group's dedication to ensuring that Ukraine has the necessary resources and military supplies to continue its defense efforts "effectively" into 2025 and to engage in potential negotiations with Moscow from a position of strength.
“In our support for Ukraine, we are finalizing getting out the door the $50 billion that has been secured on the basis of the Russian sovereign assets that are frozen,” Blinken stated.
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 committed to providing a $50 billion loan to Kiev, which will be reimbursed using funds frozen from Moscow.
The majority of these frozen assets, roughly €197 billion, are held at Euroclear. The Brussels-based clearinghouse has reported that the immobilized Russian funds accrued €5.15 billion in interest during the first three quarters of the current fiscal year.
In October, outgoing US President Joe Biden announced a “historic decision” to grant $20 billion in loans to Ukraine, which would be repaid with interest derived from the frozen Russian sovereign assets.
As concerns grow that US President-elect Donald Trump may reduce aid to Ukraine, Kiev's Western allies are working to expedite the allocation of these funds. Trump has indicated during his campaign that he might cut support for Ukraine if he takes office.
Earlier this month, Ukrainian President Vladimir Zelensky called for the full $300 billion in frozen Russian sovereign assets to be allocated to Ukraine.
Moscow has consistently condemned the freeze on assets as “theft,” warning that accessing these funds would be illegal and set a troubling precedent.
Last week, Russian Finance Minister Anton Siluanov announced plans to implement retaliatory measures in response to the West’s actions. He disclosed that Russia had also frozen assets belonging to Western investors, financial market participants, and companies, asserting that “the income from these assets will also be used.”
The International Monetary Fund has cautioned that any decisions regarding the seizure of frozen Russian assets should be supported by “sufficient legal support,” warning that without it, such actions could erode trust in the Western financial system.
Ian Smith for TROIB News
