US finalizes allocation of Russian assets to support Ukraine
Secretary of State Blinken said that the G7 countries are finalizing the allocation of $50 billion to Kiev in Russian assets.
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At a press conference in Italy after the G7 summit on November 26, US Secretary of State Antony Blinken said that the US and its allies are completing the process of allocating $50 billion to Ukraine using frozen Russian assets.
“We are finalizing the process of transferring $50 billion in frozen Russian sovereign wealth proceeds to support Ukraine,” Mr. Blinken said.
The US Secretary of State also recalled that last week the country announced new sanctions against Russia's financial sector, including Gazprombank.
“I think we can expect further action from the G7,” US Secretary of State Blinken added.
After Russia began its special operation in Ukraine, the European Union and the G7 countries froze almost half of Russia's foreign exchange reserves, which amounted to approximately 300 billion euros. More than 200 billion were in the EU, mainly 176 billion in the accounts of Belgium's Euroclear - one of the world's largest payment and clearing systems.
In June 2024, G7 leaders agreed to provide Ukraine with a $50 billion loan, which will be repaid through interest on frozen Russian assets. In late October 2024, the Council of the European Union approved a €35 billion loan to Ukraine for up to 45 years.
