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Breakthrough: G7 states put together a $50 billion loan for Ukraine!
A breakthrough on the $50 billion loan for Ukraine is expected, with support from the G7 and EU, backed by Russian assets.
Breakthrough: G7 states put together a $50 billion loan for Ukraine!
New York/Washington – A breakthrough is just around the corner in the international poker over a massive $50 billion loan for war-torn Ukraine! The US is prepared to contribute a full $20 billion in support, US Treasury Secretary Janet Yellen announced in Washington. But that's just the tip of the iceberg! The German Finance Minister Christian Lindner is enthusiastic and optimistic: “This also clears the way for support from the European Union to the tune of 18 billion euros” – that’s also around 20 billion dollars. The remaining $10 billion is to be provided by Great Britain, Japan and Canada.
“We are facing a decisive step this week to support Ukraine,” said the FDP leader during his visit to New York. This huge loan, approved by the G7 countries, is secured by interest income from the frozen assets of the Russian Central Bank. A clever move! Yellen emphasized that no American taxpayer will be asked to pay: “Russia is paying for this support.” Ukraine will have control over how the money is used - be it arms purchases, reconstruction or general budget spending.
Putin is fuming
In addition to the positive mood, there is also sharp criticism from Russia! Kremlin ruler Vladimir Putin described the plan as “robbery” and warned that the G7’s decision “will not go unpunished.” Meanwhile, Yellen assured that they are already “99 percent there.” A few final details still need to be discussed. Meanwhile, the EU Parliament approved a loan for Ukraine worth up to 35 billion euros and Great Britain also announced its support with a loan of around 2.71 billion euros.
The final agreement between those involved is expected at the end of this week, at the annual meeting of the International Monetary Fund in Washington. Lindner emphasizes that the G7 and the EU will send a strong signal together: “We defend the international order and support Ukraine in its right to self-defense!” A truly historic moment for supporting Ukraine!