G7 leaders have finalized details surrounding a $50 billion loan to aid Kyiv, backed by profits from Russian sovereign assets frozen after it invaded Ukraine, according to a statement released Friday.
Leaders of the Group of Seven wealthy democracies said they “have reached a consensus on how to deliver” the loans of approximately $50 billion, to start disbursing funds by the end of this year.
“The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military, and reconstruction assistance,” G7 leaders added.
Their announcement came as world financial leaders gathered in Washington this week for meetings hosted by the International Monetary Fund and World Bank.
Finance ministers have “agreed on a technical solution ensuring consistency, coordination, fair distribution of lending, and solidarity among all G7 partners,” the statement said.
“We will not tire in our resolve to give Ukraine the support it needs to prevail,” the leaders added.
The remaining $30 billion in loans is set to come from a combination of G7 partners, including the European Union, United Kingdom, Canada, and Japan, US officials said.
The EU, which has frozen roughly $235 billion of Russian central bank funds — the vast bulk of immobilized Russian assets worldwide — said it would contribute approximately EUR18 billion ($19.4 billion).
