Ukraine receives first $1 billion as part of US batch of frozen Russian assets profits

Ukraine has received $1 billion from the United States in profits from frozen Russian assets, Prime Minister Denys Shmyhal said on Dec. 24.

This is the first tranche of the planned $20 billion that the U.S. intends to provide as part of the G7 initiative.

"We are grateful to U.S. partners and the World Bank for this important step towards justice," Shmyhal added.

Shmyhal announced on Dec. 20 that Ukraine is already receiving U.S. funds under the framework of the G7's $50 billion loan covered by profits from frozen Russian assets.

This month, Russian embassy in London have condemned a similar plan of United Kingdom to transfer more than two billion pounds ($2.5 billion) to Ukraine using frozen Russian assets, calling it a "fraudulent scheme."

The loans were agreed upon in July by G7 leaders—comprising the U.K., Canada, France, Germany, Italy, Japan, and the United States—along with senior European Union officials. The majority of the frozen Russian assets are held in EU countries.

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The Kyiv IndependentAsami Terajima