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Kiev: US to provide Ukraine with $15 billion from interest on frozen Russian assets

President Joe Biden said his government is determined to fully use all funds for Ukraine allocated by Congress

Dec 30, 2024 22:53 13

Kiev: US to provide Ukraine with $15 billion from interest on frozen Russian assets  - 1

The US will provide Ukraine with $15 billion secured by interest on frozen Russian assets, Ukrainian Prime Minister Denys Shmygal announced, quoted by Ukrinform, BTA reports.

"The US will provide Ukraine with $15 billion secured by future revenues from frozen Russian assets. These will be funds under the Ukraine - Public Expenditures for Strengthening Administrative Capacity (Ukraine - PEACE) project and are part of the US contribution of $20 billion within the framework of the G-7 initiative," Shmygal wrote on the social network "Ex".

He noted that these funds will cover social and humanitarian expenses in Ukraine. The Ukrainian Prime Minister thanked the US and the World Bank for encouraging the initiative through which Russia pays for its aggression against Ukraine.

Despite criticism from the Kremlin, in June the G7 countries agreed to provide Ukraine with a $50 billion loan, secured by interest on frozen Russian sovereign assets. The US share of this loan amounts to $20 billion, DPA recalls.

During the administration of President Joe Biden, the US took the most significant role in supporting Ukraine in the war with Russia. But as the inauguration of President-elect Donald Trump approaches, fears are growing that this could change, DPA commented.

Earlier today, Biden announced that Washington was providing new military aid to Kiev in the amount of $2.5 billion. In addition, US Treasury Secretary Janet Yellen announced that Ukraine will receive budget assistance in the amount of $ 3.4 billion, the funds of which have already been allocated by Congress.

The new military aid package includes weapons and ammunition worth $ 1.24 billion from the Pentagon's military stockpile. The remaining $ 1.22 billion will be allocated under the Ukraine Security Assistance Initiative program, which allows the defense industry or partners to produce and send military equipment to Ukraine, explains the "New York Times".

Biden said that his administration is determined to use "entirely" all funds for Ukraine allocated by Congress.

"At my direction, the United States will continue to work tirelessly to strengthen Ukraine's position in this war for the remainder of my term," Biden stressed.

"The Department of Defense is currently working to deliver hundreds of thousands of artillery shells, thousands of missiles and hundreds of armored vehicles that will strengthen Ukraine's position through the winter," he added.