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\u201cToday, we, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine,\u201d the White House announced in a statement, saying the money will be available by year-end for economic and military aid.<\/p>\n
On Wednesday, US Treasury Secretary Janet Yellen and Ukrainian Finance Minister Serhiy Marchenko signed an agreement for a US loan commitment of $20 billion.<\/p>\n
Yellen claimed the Russians will \u201cbear the costs of its illegal war, instead of taxpayers\u201d in the West.<\/p>\n
The European Union — namely France, Germany and Italy — committed to a separate $20 billion loan – but to be reimbursed from the Russian money – and the remaining $10 billion was split among Britain, Canada and Japan.<\/p>\n
The repayment of the loans will be made with “earnings” from over $300 billion of Russia\u2019s deposits that have been seized by Western countries since Moscow launched its special military operation in Donbas in February 2022.<\/p>\n
\u201cThese loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets,\u201d the G7 statement said.<\/p>\n
\u201cOur aim is to begin disbursing the funds by the end of the year,\u201d G7 finance ministers said, adding, \u201cWe will stand by Ukraine for as long as it takes.\u201d<\/p>\n
The US announced it would give Kiev the $20 billion loan in December, with the timing meant to protect the loan funds from a potential cancellation should Republican candidate Donald Trump win the 2024 US presidential election against Democratic Kamala Harris.<\/p>\n
The new US president will take office in January 2025. Trump has vowed to \u201cget out\u201d of the US-led war in Ukraine.<\/p>\n
Despite the repeated warnings by Russian officials that backing Kiev would only prolong the war, the US-led Western countries have been providing Ukraine with vast diplomatic and financial support, sending the Kiev forces huge shipments of arms and munitions.<\/p>\n
AMK\/PressTV<\/p>\n<\/p><\/div>\n