This is part a $50 billion Western Loan Package for Ukraine, secured by revenues from frozen Russian money.
US President Joe Biden finalized a loan package of $20 billion for Ukraine, secured by revenue from Russian sovereign assets that were frozen in US jurisdiction.
Western nations frozen approximately $300 billion of Russian Central Bank reserves when Russia launched its full scale invasion. Western nations did not take action to confiscate the funds for Ukraine’s rebuilding, despite frequent proposals.
“Ukraine is able to receive the help it needs without burdening taxpayers. These loans will help the Ukrainian people defend and rebuild their nation. Our efforts make it clear that tyrants are responsible for the damage they cause,” Biden said.
After extensive negotiations, the US, UK and EU devised a system to provide Ukraine with 50 billion dollars in loans, backed up by income from frozen Russian asset. Ukraine will use these incomes to service international debts.
The European Parliament approved the allocation of EUR35 billion to be provided by 2025. In a statement, the European Parliament confirmed that Ukraine has the discretion to use income from frozen Russian assets for purposes other than debt servicing. The UK announced similar terms for a loan the day before.
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