US and Europe Sanction Russian Assets for Ukraine Aid

The US and European countries plan to lock up sanctioned Russian assets until Moscow compensates Ukraine for the invasion. This will pave the way for a USD 50 billion loan package for Kyiv, leveraging over USD 260 billion in frozen assets. The agreement will be discussed at the G7 summit.

The United States and European countries have reached a landmark decision to freeze sanctioned Russian assets until Moscow agrees to pay reparations for its invasion of Ukraine, a senior US official confirmed on Thursday.

The decision sets the stage for the announcement of a USD 50 billion loan package for Kyiv during the upcoming Group of Seven (G7) summit. President Joe Biden is expected to sign a significant security agreement with Ukraine's President Volodymyr Zelenskyy at the summit.

This anticipated agreement will harness interest and income from more than USD 260 billion in frozen Russian assets, primarily held in Europe, to secure a USD 50 billion loan from the United States, along with additional loans from other partners.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)