Ukraine will get 50 billion U.S. dollars in loan from the Group of Seven (G7) countries using profits from frozen Russian financial assets.
The financial support will be directed towards military aid, humanitarian assistance, and the reconstruction of Ukraine as it grapples with Russia’s aggression. The United States is prepared to allocate the entire $50 billion, with the hope that other nations will join in sharing the responsibility.
The loan will be secured by interest derived from around $300 billion in frozen Russian assets. Currently, the G7 countries are working on details regarding providing the funds.
The political agreement was made on the opening day of the annual G7 summit in the southern Italian region of Puglia.
The G7 countries have frozen about 300 billion dollars of Russian assets in the wake of the Russia-Ukraine conflict, according to media reports.