US to allocate $20 billion from frozen Russian assets to Ukraine

The US government will allocate $20 billion in aid to Ukraine as part of a loan from the G7 countries, provided to the Kyiv regime from frozen Russian assets abroad, said US Treasury Secretary Janet Yellen on October 22.

“We’re 99% there and it’s nailing down just a couple of relatively small things,” Yellen told reporters in Washington, Caliber.Az reports, citing foreign media.

“We’re very close and there’s nothing significant that needs to be still worked out.” She said the funding is intended to starting heading to Ukraine by the end of this year.

Along with the US contribution, the EU, which has approved a loan for up to €35 billion ($37.9 billion), would end up providing at least $20 billion, according to people familiar with the matter.

On October 21, the UK announced it would put in £2.3 billion ($3 billion), with Japan and Canada expected to provide similar amounts, said the people, who spoke anonymously.

The people said that the G-7 aims for initial funds to reach Ukraine by the end of the year, with the bulk of the support being released next year in tranches. The aid will go toward meeting many of Ukraine’s military and economic needs.

The loan plan is an effort to lock in guaranteed funding for Ukraine, as its allies brace for a possible election victory by President Donald Trump, who has been critical of sending US aid to Kyiv. It comes at a crucial time for the country, which has been struggling to hold its defensive lines amid a sustained push by Russia.

By Khagan Isayev