The G7 went ahead with a huge loan to Ukraine, the US will provide almost half a trillion

The loan agreement for Ukraine is intended to use funds from the frozen funds of the Central Bank of Russia without being realized by individual countries, which raised legal questions, she recalled AP Group.

“To be clear, nothing like this has ever happened before,” said Daleep Singh, the US assistant security adviser for international economic relations. “It has never happened that a coalition of multiple side has frozen the assets of an aggressor country and then used the value of those assets to finance the defense of the aggressor party, while respecting the principles of the rule of law and maintaining loyalty,” he said. said.

According to him, the Biden administration plans to divide the US share of $ 20 billion between the Ukrainian economy and help the military. “These loans will support the people of Ukraine in defending and rebuilding their country. And our efforts make it clear: spies will be held accountable for the damage they cause,” he said in Moscow. in the statement President Biden. However, sending any military aid requires Congressional approval.

US Treasury Secretary Janet Yellen already confirmed on Tuesday that the loan granted will be repaid from Russian funds, not from US taxpayers’ money.

Another 30 billion dollars is to be provided by the European Union, Great Britain, Canada and Japan. On Wednesday, EU member states formally agreed to the provision of loans of up to 35 billion euros (884 billion crowns) to Ukraine.

The idea of ​​using frozen Russian assets to help Ukraine was opposed by European officials who were concerned about the legal aspects and the disruption to financial stability. After more than a year of talks between finance officials, the process took off, especially after President Biden signed laws in April that allowed the US government to seize about five billion dollars of Russian state funds. held in the US.

However, most of Russia’s frozen assets are located in EU countries: it is around 210 billion euros (5.3 trillion crowns). According to the European Commission, the income from these funds, which will be used for loan repayments, amounts to five billion euros (126 billion crowns) per year.

The United States previously wanted stronger guarantees from the EU that frozen assets would remain for a longer period of time, even if a ceasefire is reached in Ukraine. They wanted to reduce the risk that American taxpayers’ money would have to be used instead of money from Russian funds to repay the debt.