US President Joe Biden has announced a $20 billion loan to Ukraine. The entire loan will be repaid from the proceeds of frozen assets of the Russian Federation. This is the first such precedent in history.
This was reported by the White House.
"As part of the G7 package, the United States is announcing today that it will provide $20 billion in loans to Ukraine, to be repaid with interest from frozen Russian state assets. In other words, Ukraine can get the help it needs without burdening taxpayers. These loans will help the Ukrainian people defend and rebuild their country. And our efforts make clear: tyrants will be held accountable for the damage they have done," Biden said in a statement.
He added that this is another reminder to Putin that the world is united behind Ukraine, and that the United States and its G7 partners will continue to support it every step of the way.
In addition, White House Deputy National Security Advisor for International Economic Affairs Daleep Singh clarified that the $20 billion US contribution will be split between economic and military assistance.
"To be honest, this has never been done before. Never before has a multilateral coalition frozen the assets of an aggressor country and then used the value of those assets to fund the defence of the aggrieved party, respecting the rule of law and maintaining solidarity," Singh said.
Author: Inna Mikhno