Us kicks off $20 billion aid to Ukraine with frozen assets fund
The Ukrainian Prime Minister announced on social media that the United States has provided Ukraine with the first billion dollars from a loan secured by frozen Russian assets. However, this is just the beginning of the support that Russia, whether it likes it or not, will provide to Ukraine.
Ukrainian Prime Minister Denys Shmyhal announced that Ukraine has received the first billion dollars from the United States. Revenues from frozen Russian assets secure this money.
This is the first instalment of the $20 billion that the US plans to allocate as part of the G7 initiative, totalling $50 billion.
"We thank our American partners and the World Bank for this important step towards justice. We expect that all sovereign Russian assets will be confiscated and used to rebuild Ukraine," stated Shmyhal.
Financial support for Ukraine
The US Department of the Treasury announced on 10th December the disbursement of a $20 billion loan based on frozen Russian assets. The money was transferred to a special World Bank fund available to Ukraine.
The loan announcement finalised the financial support announced by the G7 in the summer. This initiative uses profits generated by the Central Bank of Russia's frozen assets to repay the loan.
At the end of November, the European Union announced the disbursement of its $19 billion portion of the loan for Ukraine.
