The Biden administration said Wednesday it would provide a $20 billion loan to Ukraine, concluding an aid agreement reached in principle by the G7 leading industrial nations in June that relies on interest from roughly $280 billion in frozen Russian state assets to support Kyiv.
The $20 billion loan — dubbed an extraordinary revenue acceleration loan by the administration — is part of a $50 billion Western package to help Ukraine in its war against Russia. The remaining $30 billion will come from from the European Union, the United Kingdom, Canada, and Japan and other partners.
“This loan initiative will provide Ukraine with urgently needed funds and will make funds available by the end of this year,” Treasury Secretary Janet L. Yellen said at a signing ceremony Wednesday with Ukrainian Finance Minister Sergii Marchenko. “It will send a message to [Russian President Vladimir] Putin that waiting out our coalition is a losing strategy.”
