The United States confirmed Tuesday it has granted $20 billion in funds for Ukraine backed by proceeds earned on frozen Russian assets. The cash is part of a $50 billion G7 support package and comes 40 days before President Joe Biden departs the White House.
The loan funds come at a crucial juncture for Kyiv as President-elect Donald Trump has already indicated he wants an immediate settlement between the two combatants rather than helping fund a never ending war, as Breitbart News reported.
Trump has increasingly questioned the level of financial support given to Ukraine following Russia’s 2022 invasion, saying as recently as last weekend he will “probably” reduce aid to Kyiv.
“These funds — paid for by the windfall proceeds earned from Russia’s own immobilized assets — will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” U.S. Treasury Secretary Janet Yellen said in a statement.
The G7’s loans “will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals and other foundations of its brave resistance,” Yellen added, per an AFP report.
A clearly delighted Ukrainian President Volodymyr Zelensky said he was “deeply grateful” for the disbursement, calling it “a powerful act of justice.”
The support “will strengthen Ukraine’s defense and help protect our sovereignty and people against unprovoked aggression,” he added in a separate statement.
The Treasury said Washington had already transferred $20 billion to the World Bank, which will make the money available to Ukraine through an existing fund.
The BBC reports the financial aid comes at a critical juncture for Zelensky’s forces, who have been ceding territory recently.
Moscow has been retaking ground in eastern Ukraine and in Russia’s Kursk – which Ukrainian forces launched an offensive in over the summer – while Ukrainian troops have painted a dismal picture of the war’s frontlines.
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