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Al Jazeera
Al Jazeera
World
Al Jazeera Staff

Biden announces $50bn G7 loan to Ukraine backed by frozen Russian assets

G7 United States Ukraine Russia Janet Yellen Joe Biden Sergii Marchenko
A serviceman of Ukraine's coastguard on a patrol boat in the Black Sea, February 7 [Thomas Peter/Reuters]

Washington, DC – The White House has announced that the Group of Seven (G7) will offer Ukraine a $50bn loan backed by interests accrued on Russian government assets frozen by the political and economic group of wealthy nations.

President Joe Biden said on Wednesday that the United States will cover $20bn of the loan, which “will be paid back by the interest earned from immobilized Russian sovereign assets”.

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