The Russian embassy in London criticized the U.K.'s plan to transfer more than two billion pounds ($2.5 billion) to Ukraine using frozen Russian assets, calling it a "fraudulent scheme."
Key developments on Dec. 20: * Russian An-72 military transport plane damaged in blast near Moscow, Ukraine's intel claims * Fire, casualties reported in Kyiv amid Russian missile attack * Ukraine charges Russian general with killing Reuters employee in Kramatorsk * Russia captures 'Uspenivka pocket,' Ukraine denies reports of failed breakout * Ukraine begins
The funding includes a $1 billion grant from the new $20 billion U.S. loan backed by frozen Russian assets. Another $1.05 billion is supported by the U.K. and Japan.
Key developments on Dec. 10: * US announces $20 billion loan for Ukraine as part of G7 initiative * Zelensky announces 'successful tests' of new Ukrainian missile * 70% of Ukrainians support 'West German' model for NATO accession, survey shows * Explosions heard in occupied Donetsk Oblast city, Russian proxies announce evacuation * Confusion over
The U.S. Treasury Department announced on Dec. 10 that it will provide $20 billion in loan assistance to Ukraine, marking its contribution to a broader $50 billion initiative supported by G7 countries.
U.S. Secretary of State Antony Blinken confirmed during a briefing that the transfer is part of a coordinated effort between the U.S. and EU to support Ukraine.
Ukraine's Finance Ministry and the EU signed a memorandum and an agreement to attract up to 35 billion euros ($36.7 billion) as part of the G7 loan, the ministry said on Dec. 4.
There are some $4-5 billion of frozen Russian assets in the U.S. and it will be up to President-elect Donald Trump to decide what to do with them when he takes office in January 2025. After Russia’s full-scale invasion of Ukraine, Western nations froze around $300 billion of
"Our aim is to begin disbursing the funds by the end of the year," G7 leaders announced on Oct. 25. The loan will support Ukraine's economic, defense, and reconstruction needs.
Daleep Singh, the White House deputy national security adviser on international economics, said that Joe Biden's administration intends to split the funds between helping the Ukrainian economy and the military.
G7 leaders will issue a joint statement in October saying that "Russia's sovereign assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," according to the draft prepared by this year's chair, Italy.
The loan will be allocated to Ukraine's military spendings. Kyiv will be able to invest in key equipment to fight Russia, such as artillery, air defense, and wider equipment support.
The European Council reiterated it would adhere to the "security and defense policy" of "certain member states" regarding the use of revenues generated from the frozen assets, and added it would continue to "address all relevant legal and financial aspects."
"Russia must pay for the destruction it caused," von der Leyen said.
Russian oligarchs Gennady Timchenko and Mikhail Fridman and Russia's National Settlement Depository on Sept. 11 lost their appeal against EU sanctions imposed against them.
"This is another evidence of the allied trust in Czechia and our ammunition initiative. It is a unique opportunity to support Ukraine while using assets originally belonging to Russia and saving on public finances of European countries," Czech Defense Minister Jana Cernochova said.
According to FAZ, Ukraine will receive previously approved assistance, but additional requests from the German Defense Ministry will not be supported.
"There is no better symbol or use for the Kremlin's money than to make Ukraine and all of Europe a safer place to live," said European Commission President Ursula von der Leyen.
The Group of Seven (G7) will likely finalize a framework agreement for a $50 billion loan for Ukraine backed by frozen Russian assets revenue by October, EU Economic Commissioner Paolo Gentiloni said on July 25.
The European Union's top diplomat, Josep Borrell, announced on July 22 that Ukraine is expected to receive the first transfer of $1.5 billion in payments from Russian frozen assets at the beginning of August.
The sum, which Ukraine hopes to receive by the end of the year before a potential return of Donald Trump to the White House, includes a $20-billion pledge by the U.S. and the EU each, Kyodo News wrote.
Saudi officials reportedly made "veiled threats" to Group of Seven (G7) nations hinting that the kingdom would sell some European debt holdings if Western allies seized about $300 billion in frozen Russian assets, Bloomberg reported on July 9, citing its sources.
"We need to re-learn how to champion the escalation game," Sikorsky said during a lecture at the Ditchley Foundation in the U.K. "(Russian dictator Vladimir) Putin has already written them (the frozen assets) off, he does not expect to get them back. But he also doesn’t think we have the fortitude to take hold of them either. So far, we have proven him right."
"We have a process in order to make this work quickly. The first tranche of money will come next week, in July. The second will come some months later," Josep Borrell said during the press briefing in Luxembourg.
The EU has developed a legal workaround to prevent Hungary vetoing a move to use profits from frozen Russian assets to aid Ukraine, the Financial Times reported on June 24.
Ukraine will receive the first payment of 1.5 billion euros ($1.6 billion) from the profits of Russian assets frozen in the EU "before the summer break," EU Trade Commissioner Valdis Dombrovskis said on June 21.
The following is the June 19, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. The Group of Seven (G7) leaders confirmed on June 13 a plan to provide Ukraine with a $50
The new Group of Seven (G7) plan to fund Ukraine using profits from frozen Russian assets is a “breakthrough,” but Ukraine’s goal is still to seize the full worth of the assets, said experts speaking at a panel event in Kyiv discussing Russian asset seizure on June 17. “This
If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide. The good news is that there is a massive pot of non-Western money already available: the $300
The loan should be repaid using interest from some $300 billion in frozen Russian assets.
"We need to make the states that support terror understand that they will pay for it," President Volodymyr Zelensky said on June 13 during a G7 summit in Italy.
"We have an agreement," a French presidency official said, ahead of a summit in Italy, which starts on June 13.
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