5 sources·Politics

Biden Administration Announces $20 Billion Loan to Ukraine Funded by Frozen Russian Assets

The U.S. pledges $20 billion in loans to Ukraine, making use of frozen Russian assets to support its defense and economy amidst ongoing conflict.

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Updated: Oct 23rd, 2024, 7:32 PM ET

Summary

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The Biden administration is providing a $20 billion loan to Ukraine, part of a $50 billion aid package from the G7. This initiative utilizes interest from frozen Russian assets, aiming to assist Ukraine without burdening American taxpayers. Treasury Secretary Janet Yellen highlighted that this approach shifts financial responsibility for the conflict to Russia. The funds will support Ukraine's war efforts, repair its energy infrastructure, and enhance military capabilities. The loans draw on international cooperation and aim to assure ongoing Western support as political sentiments shift ahead of the U.S. elections.

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Biden Administration Announces $20 Billion Loan to Ukraine Funded by Frozen Russian Assets - Pano News