Ukraine President Volodymyr Zelensky thanked his Western allies for providing a loan of 50 billion US dollars (about 46 billion euros) that will help Ukraine with its defense and sustainability, as he said in his evening video address, broadcast in Kiev, informed the German "Frankfurter Rundschau".
During his address, the president wore a t-shirt with the inscription "Make Russia small again". ("Let's make Russia small again".) On this occasion, the spokeswoman of the Russian Foreign Ministry, Maria Zakharova, published in "Telegram" his photo and called Zelensky "a complete idiot", writes "Frankfurter Rundschau".
Zelensky stressed that the money should start flowing in this year to help Ukraine in its defensive battle against Russian invaders, which has been going on for almost 1,000 days now. 20 billion comes from the US alone, about 20 billion from EU countries and 10 billion US dollars from Great Britain, Canada and Japan. The G7, the group of seven world economic powers, includes the US, Canada, Germany, Italy, France, the UK and Japan.
Regarding the $50 billion loan granted to Ukraine in the "New York Times" notes that this is an extraordinary maneuver by the West, by which Russia is essentially being forced to pay for the damage it is inflicting on Ukraine through a war that shows no sign of ending.
"These loans will help the people of Ukraine as they defend and rebuild their country," the newspaper quoted President Joe Biden as saying. "And our efforts make it clear: tyrants will be held accountable for the damage they cause.“
Newspaper "Washington Post" states that the G-7 action plan relies on interest accrued on approximately $280 billion of Russian Central Bank assets held in Western accounts that have been frozen since the start of the war in 2022. This interest, estimated at several billion dollars each year, will go towards paying off the loans over time, the newspaper notes.
Russia described the plan to use its bank assets as an attack on its sovereignty and the rule of law. "Washington Post" recalls that this month Kremlin spokesman Dmitry Peskov said the plan amounted to "stealing our money". "This will definitely have legal implications. This is nothing but illegal expropriation," said Peskov. "This is an illegal act." For their part, defenders of the plan argue that the Kremlin deserves to bear the consequences of its illegal invasion of Ukraine in 2022, the paper said. Western officials sought to finalize the loan before the US presidential election, given former President Donald Trump's repeatedly expressed skepticism of the Ukrainian cause, the Washington Post reported.
Ukraine faces a $45 billion deficit next year, the paper said, and additional funds from the West could help avoid painful cuts to government services or tax hikes that could slow its economy to a halt.
Radio "Voice of America" states on its website that the Biden administration wants to provide $10 billion of the loan funds for military aid, which would require congressional approval, White House National Security Council (NSC) officials told reporters.
The administration does not need congressional approval to provide the remaining $10 billion by December, an SNA official said, adding: "Either way, the U.S. will provide $20 billion in support to Ukraine through this effort, whether or not is split between economic and military support or provided entirely through economic aid."
The official said the US non-military aid funds would be transferred to the World Bank Trust Fund, which has agreed to administer the loan.