The US and its allies are close to finalizing a multibillion-dollar loan for Ukraine, tied to profits from frozen Russian assets, according to Treasury Secretary Janet Yellen. The proposal, supported by the G7 nations, aims to unlock much-needed funding for Kiev. Yellen highlighted the possibility of a loan that utilizes windfall profits from Russian assets to repay it, with around $3-$5 billion in annual profits available. The plan is expected to be presented at the upcoming G7 meeting in Italy. The US is advocating for a loan that could provide Ukraine with up to $50 billion in immediate funding, offering a fiscal boost while technical details are fine-tuned. The loan option has gained traction as seizing Russian assets outright remains a contentious issue among G7 members. Initially, the US sought full asset confiscation to support Ukraine but has since shifted focus to interest-only payments due to resistance from key allies concerned about potential repercussions on global markets. Russia has warned against any asset seizures, calling it a violation of international law.
West nearing $300bn frozen Russian assets – US
