G7 Hands Over 50 Billion in Russian Assets to Ukraine
White House official Daleep Singh, 2024. X/ @arabnews
October 23, 2024 Hour: 2:10 pm
Germany, Canada, the U.S., France, Italy, Japan, and the UK will provide loans to the Zelensky regime using Russian property.
On Wednesday, the White House informed that the Group of Seven (G7) countries reached an agreement to provide loans to Ukraine using US$50 billion from the interest generated by Russian assets in Europe.
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“These loans will support the Ukrainian people in defending and rebuilding their country. Our efforts make it clear: tyrants will be held accountable for the damage they cause,” U.S. President Joe Biden said, adding that his country will facilitate two loans valued at US$20 billion and backed by Russian funds.
The White House Deputy National Security Advisor for Economic Affairs, Daleep Singh, specified that the remaining US$30 billion will be issued by the European Union, the United Kingdom, Canada, and Japan.
“The United States will provide US$20 billion in support to Ukraine and its defense, whether in the form of economic and military support or, if it turns out to be solely economic assistance,” he explained, clarifying that military aid could only materialize if it receives congressional support
The White House aims to allocate around US$10 billion for new military aid to Ukraine, which would be added to the US$61 billion package approved by the U.S. Congress in the spring.
“The assets we are using to fund these loans do not belong to Russia under European law. The interest does not belong to Russia,” Singh stated.
In June, the G7 had already announced that it would use the interest accumulated from US$260 billion in frozen Russian assets in the European Union to guarantee the repayment of loans to Ukraine.
“Make no mistake: Russia will not prevail in this conflict; the people of Ukraine will. This is another reminder to Vladimir Putin that the world has united with Ukraine and that the U.S. and our G7 partners will continue supporting them every step of the way,” Biden concluded.
teleSUR/ JF Source: EFE
