US provides Ukraine with first billion of expected US$20 billion from frozen Russian assets
www.pravda.com.ua
Tue, 24 Dec 2024 17:00:42 +0200
Prime Minister Denys Shmyhal has announced the receipt of the first billion dollars of a US20 billion loan secured by proceeds from frozen Russian assets.
Source Shmyhal on Telegram, as reported by European Pravda Details Ukraine has received US1 billion from the United States, secured by the proceeds of frozen Russian assets, Shmyhal wrote.
He explained that this is the first tranche of the planned US20 billion that the United States is ready to allocate through the use of frozen Russian assets under the G7 initiative.
We thank our American partners and the World Bank for this important step towards justice.
We expect that all sovereign Russian assets will be confiscated and used to rebuild Ukraine, Shmyhal said.
Background On 10 December, the United States announced the allocation of US20 billion in favour of Ukraine to a special fund of the World Bank.
This is part of the Group of Sevens plan to provide Ukraine with 50 billion from Russian assets the funds will be provided formally as a loan, but will be repaid through a tax on excess profits received from frozen Russian assets.
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