Global Allies Unite: $50 Billion Lifeline for Ukraine Amidst Conflict

The Group of Seven nations plan to provide Ukraine with a $50 billion loan package, backed by frozen Russian assets, to support the country's fight against Russia's invasion. The United States will contribute $20 billion, with the remaining funds from the EU, UK, Canada, Japan, and others.

Group of Seven allies have taken decisive steps to provide Ukraine with a substantial $50 billion loan package, a move supported by profits from frozen Russian assets, according to a White House announcement on Wednesday.

This groundbreaking initiative, agreed upon by the wealthy democracies earlier this year, is intended to bolster Ukraine's efforts to resist Russian aggression. The interest accrued from Russia's immobilized central bank assets is expected to serve as collateral for the funding.

According to Daleep Singh, the deputy national security adviser on international economics, the United States is set to provide $20 billion of the total, while the remaining $30 billion will be contributed by the European Union, United Kingdom, Canada, and Japan, among other participants.

(With inputs from agencies.)