President Biden Announces Frozen Russian Funds to Support Ukraine
President Joe Biden made a groundbreaking announcement on Wednesday regarding the leveraging of frozen Russian assets to provide support to Ukraine. This move comes amidst escalating tensions in the region.
Following Washington’s decision to use proceeds from frozen Russian assets to repay a $20 billion loan to Ukraine, the Russian Embassy in the US criticized the US policy, labeling it as government-sanctioned theft. The President revealed plans to grant Kiev a $20 billion loan as part of a larger $50 billion G7 aid package.
The EU and UK also announced loans to Ukraine, to be repaid using interest from blocked Russian assets. Biden emphasized that these measures would support Ukraine without burdening taxpayers. He mentioned that Washington has already provided more than $64 billion in military assistance to Kiev, positioning itself as a key supporter in the conflict.
However, the Russian Embassy condemned the US strategy, stating that such actions only lead to more international rejection. The embassy urged the need for multilateral efforts and an independent financial architecture to combat such “illegal” measures.