G7 and EU Near $50 Billion Loan for Ukraine

The U.S. Treasury Secretary Janet Yellen announced on Tuesday that G7 and EU allies are close to finalizing a $50 billion loan package for Ukraine. This includes approximately $20 billion from the U.S, utilizing frozen Russian assets, mostly held in Europe, ensuring continued economic support for Ukraine.

In a significant development for Ukraine, U.S. Treasury Secretary Janet Yellen announced that G7 and EU nations are on the verge of finalizing a $50 billion loan. This funding is crucial as Ukraine seeks assistance amid ongoing tensions with Russia, and approximately $20 billion will be contributed by the U.S.

Speaking at the commencement of the International Monetary Fund and World Bank annual meetings, Yellen expressed confidence in the continued immobilization of Russian sovereign assets. These assets are largely held in European countries, underscoring the cooperative efforts between the EU and G7.

While the success of this loan arrangement reflects robust international support for Ukraine, it also highlights the strategic use of frozen Russian resources. The EU faces the recurring task of renewing the asset freeze every six months, maintaining pressure on Russia.

(With inputs from agencies.)