The US Department of the Treasury announced the allocation of $20 billion to Ukraine as part of the G7 initiative to utilize frozen Russian assets, according to the US Department of the Treasury on December 10.
“These funds, derived from windfall proceeds earned from Russia’s immobilized assets, will provide Ukraine with critical support as it defends itself against an unprovoked war of aggression,” stated US Treasury Secretary Janet L. Yellen.
According to the US Department of the Treasury, the funds are part of a broader G7 plan to provide Ukraine with €50 billion, sourced from Russian assets. While formally issued as loans, these funds will be repaid through taxes on profits generated from the frozen assets.
They also noted that the $20 billion allocated by the United States will not be sent directly to Ukraine but instead deposited into the World Bank’s "F.O.R.T.I.S. Ukraine FIF" fund, which is designed to facilitate financial support for Ukraine's economic stability.
“The collective contribution of $50 billion by the G7 will equip Ukraine with the resources needed to maintain essential services, such as emergency response and healthcare,” Yellen added.
Previously, The United States has unveiled a new $988 million security assistance package for Ukraine, aimed at bolstering the nation’s defense capabilities amid ongoing Russian aggression.
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