G7 Agrees on $50 Billion Loan to Ukraine from Frozen Russian Assets

The Group of Seven countries have agreed to use interest from $300 billion in frozen Russian assets to provide a $50 billion loan to Ukraine. This loan will support Ukraine's military, budget, reconstruction, and humanitarian needs, with the U.S. potentially contributing up to $50 billion.

The Group of Seven countries have reached agreement on tapping future interest from about $300 billion in frozen Russian assets to provide a $50 billion loan to Ukraine, a senior U.S. official told reporters on the sidelines of the G7 meeting. The official said the United States had agreed to provide up to $50 billion itself, but that amount could decline significantly as other countries announced their participation.

The official said there would be multiple disbursement channels for Ukraine to receive the money, and it could be used for different purposes, including to provide support for its military, budget, reconstruction and humanitarian needs.