The US and Western allies are moving forward with a $50 billion loan package to Ukraine backed by the profits of frozen Russian assets, which includes a US contribution of $20 billion, the White House announced Wednesday.
“As part of the G7 package, the United States is announcing today that we will provide $20 billion in loans to Ukraine that will be paid back by the interest earned from immobilized Russian sovereign assets,” President Joe Biden said in a statement formally announcing the package. “In other words, Ukraine can receive the assistance it needs now, without burdening taxpayers.”
The president described the loans as supporting Ukrainians “as they defend and rebuild their country.”
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