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Fortune
Fortune
Paolo Confino

The G7 will give Ukraine a $50 billion loan backed by frozen Russian assets to keep Putin’s war machine at bay

President Joe Biden with Ukrainian President Volodymyr Zelensky (Credit: Yuri Gripas—Abaca/Bloomberg/Getty Images)

The U.S. and its G7 allies put together a financial lifeline for Ukraine, as it continues its war against Russia. 

On Thursday, the U.S. announced a $50 billion loan to support Ukraine’s war effort, backed by interest income from the roughly $260 billion in Russian central bank assets that Western financial institutions froze when the war began in February 2022. 

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