The U.S. is finalizing the allocation of Russian assets to support Ukraine.
Secretary of State Blinken said that the G7 countries are finalizing the allocation of $50 billion to Kyiv from Russian assets.
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In a press conference in Italy following the G7 summit on November 26, US Secretary of State Antony Blinken said that the US and its allies are finalizing the allocation of $50 billion to Ukraine using frozen Russian assets.
Mr. Blinken said: "We are finalizing the process of transferring $50 billion from the profits of frozen Russian sovereign assets to support Ukraine."
The US Secretary of State also reiterated that last week the US announced new sanctions against Russia's financial sector, including Gazprombank.
"I think we can expect further action from the G7," added US Secretary of State Blinken.
Following Russia's launch of special operations in Ukraine, the European Union and G7 countries froze nearly half of Russia's foreign exchange reserves, amounting to approximately 300 billion euros. Over 200 billion euros were held in the EU, primarily 176 billion euros in accounts at Euroclear Belgium – one of the world's largest payment and clearing systems.
In June 2024, G7 leaders agreed to provide the Ukrainian government with a $50 billion loan, to be repaid through interest on frozen Russian assets. At the end of October 2024, the Council of the European Union approved a €35 billion loan to Ukraine with a term of up to 45 years.
