Yellen's Confidence: U.S. Nears Finalization of $50 Billion Ukraine Loan Amidst Sanctions

U.S. Treasury Secretary Janet Yellen announced progress on a $50 billion loan for Ukraine, backed by Russian assets. The U.S. is set to contribute $20 billion, emphasizing it will be repaid from Russian assets. New sanctions against Russia are also planned, enhancing financial pressures during the conflict.

U.S. Treasury Secretary Janet Yellen announced significant progress on a $50 billion loan deal for Ukraine, supported by frozen Russian assets. Speaking at the International Monetary Fund and World Bank meetings, she conveyed high confidence that these assets will remain locked despite potential EU uncertainties.

Yellen ensured that the $20 billion U.S. contribution would be reimbursed through Russian financial gains, reassuring American taxpayers. With backing from G7 and European Union leaders, the loan arrangement aims to finalize before the November 5 U.S. election, amid political dynamics and ongoing conflict.

New sanctions targeting Russia's military accessories are imminent, Yellen stated. These measures, alongside recent executive orders, aim to curb dollar transactions aiding sanctioned Russian entities, further tightening economic pressures.

(With inputs from agencies.)