WASHINGTON: G7 leaders have finalized details surrounding a $50 billion loan to aid Kyiv, backed by profits from Russian sovereign assets frozen after its invasion of Ukraine, according to a statement released Friday.
Leaders of the Group of Seven wealthy democracies said they “have reached a consensus on how to deliver” the loans of approximately $50 billion, with an aim to start disbursing funds by the end of this year.
“The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance,” G7 leaders added.
Their announcement came as world financial leaders gathered in Washington this week for meetings hosted by the International Monetary Fund and World Bank.
Finance ministers have “agreed on a technical solution ensuring consistency, coordination, fair distribution of lending, and solidarity among all G7 partners,” the statement said.
“We will not tire in our resolve to give Ukraine the support it needs to prevail,” the leaders added.
They called on Moscow to end its war and pay for damage caused to Ukraine.
This week, US President Joe Biden said that as part of the G7 package, the United States would provide $20 billion in loans to Ukraine, to be paid back by the interest earned from immobilized Russian sovereign assets.
This is aimed at supporting Ukraine now, “without burdening taxpayers.”
“Our efforts make it clear: tyrants will be responsible for the damages they cause,” Biden said.
US Treasury Secretary Janet Yellen signed a statement Wednesday with her Ukrainian counterpart Sergii Marchenko marking their intent to enter into the loan.
The move also committed that new United States or Ukrainian tax dollars would not be the source of repayment.
Economic concerns remain top-of-mind for US voters, with just over a week to go before the country’s presidential election on November 5.
Washington aims to provide at least $10 billion of the loans for economic support, with the other half expected to take the form of military aid.
But this will require additional authorization from Congress.
The remaining $30 billion in loans is set to come from a combination of G7 partners, including the European Union, United Kingdom, Canada and Japan, US officials said.
The EU, which has frozen roughly $235 billion of Russian central bank funds — the vast bulk of immobilized Russian assets worldwide — said it would contribute approximately EUR18 billion ($19.4 billion).
“Russia must end its illegal war of aggression and pay for the damage it has caused,” the 27-nation bloc’s chief, Ursula von der Leyen, said in a statement.
“We’re steadfast in our solidarity with Ukraine’s fight for freedom.”
Implementation of the G7 loan suffered from delays as the United States had sought guarantees from the EU that the Russian assets would remain frozen.
“We have once again made clear our unwavering commitment to stand by Ukraine for as long as it takes,” said the G7 statement on Friday.
“Time is not on President (Vladimir) Putin’s side.”
G7 finalize $50bn Ukraine loan backed by Russian assets profits
https://arab.news/6788m
G7 finalize $50bn Ukraine loan backed by Russian assets profits
- G7: ‘The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance’
- G7 finance ministers called on Moscow to end its war and pay for damage caused to Ukraine
US widens travel ban to more than 30 countries, Noem says
- Trump signed proclamation in June banning citizens of 12 countries from entering US, restricting those from seven
- Since returning to office in January, Trump has aggressively prioritized immigration enforcement, deportations
The US plans to expand the number of countries covered by its travel ban to more than 30, US Homeland Security Secretary Kristi Noem said on Thursday.
Noem, in an interview on Fox News’ “The Ingraham Angle,” was asked to confirm whether the administration of President Donald Trump would be increasing the number of countries on the travel ban list to 32.
“I won’t be specific on the number, but it’s over 30, and the president is continuing to evaluate countries,” she said.
Trump signed a proclamation in June banning the citizens of 12 countries from entering the United States and restricting those from seven others, saying it was needed to protect against “foreign terrorists” and other security threats. The bans apply to both immigrants and non-immigrants, such as tourists, students and business travelers.
Noem did not specify which countries would be added to the list.
“If they don’t have a stable government there, if they don’t have a country that can sustain itself and tell us who those individuals are and help us vet them, why should we allow people from that country to come here to the United States?” Noem said.
Reuters previously reported that the Trump administration was considering banning citizens of 36 additional countries from entering the United States, according to an internal State Department cable.
An expansion of the list would mark a further escalation of migration measures the administration has taken since the shooting of two National Guard members in Washington, D.C., last week.
Investigators say the shooting was carried out by an Afghan national who entered the US in 2021 through a resettlement program under which Trump administration officials have argued there was insufficient vetting.
Days after the shooting, Trump vowed to “permanently pause” migration from all “Third World Countries,” although he did not identify any by name or define “third-world countries.”
Prior to that, officials from the Department of Homeland Security said Trump had ordered a widespread review of asylum cases approved under the administration of his predecessor, Democratic President Joe Biden and Green Cards issued to citizens of 19 countries.
Since returning to office in January, Trump has aggressively prioritized immigration enforcement, sending federal agents to major US cities and turning away asylum seekers at the US-Mexico border. His administration has frequently highlighted the deportation push, but until now it has put less emphasis on efforts to reshape legal immigration.
