President Joe Biden announced a historic decision to provide Ukraine with a $20 billion loan from Russian sovereign assets, part of a larger $50 billion G7 package. The EU and UK also announced loans to be repaid from Russian funds, totaling a significant boost for Kiev without burdening taxpayers.
As the largest sponsor of Ukraine’s war efforts, the US has already provided over $64 billion in military assistance since 2022. Despite the use of historic measures, the Russian Embassy in the US criticized them as neocolonial, emphasizing the rejection of these actions by the global majority.
The BRICS Summit in Kazan recently condemned unlawful sanctions on Russia and advocated for a new independent financial architecture to counter such actions. Western countries have blocked an estimated $300 billion of Russian assets, prompting concerns from the IMF about undermining trust in the global financial system.
Moscow has warned against confiscating these assets entirely, labeling it as theft and threatening retaliation. The international community remains divided on the issue, with Western powers pushing for tougher measures while facing opposition from other global players.