The G7 nations have finalized a $50 billion loan package to aid Ukraine, utilizing interest from frozen Russian sovereign assets. The funds will support Ukraine’s budget, military, and reconstruction needs, with disbursement expected to begin by year-end. This decision aligns with the broader commitment expressed by G7 finance ministers during recent meetings in Washington, where leaders gathered for International Monetary Fund and World Bank discussions.
The United States has pledged $20 billion of the package, primarily funded by the interest from Russian assets, which President Joe Biden noted would “support Ukraine now, without burdening taxpayers.” The U.S. plans to split its contribution equally between economic and military aid, with the latter contingent on Congressional approval. The remaining $30 billion will come from other G7 members, including the EU, UK, Canada, and Japan.
The G7 leaders emphasized their determination to support Ukraine’s defense and called on Russia to cease hostilities and take accountability for the damages. “Time is not on President Putin’s side,” they said in their joint statement, underscoring their resolve to aid Ukraine for “as long as it takes.”
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