France's President Emmanuel Macron walks with US president-elect Donald Trump and Ukraine's President Volodymyr Zelensky after a meeting at the Elysee Presidential Palace in Paris on Saturday. Photo / Julien De Rosa, AFP
France's President Emmanuel Macron walks with US president-elect Donald Trump and Ukraine's President Volodymyr Zelensky after a meeting at the Elysee Presidential Palace in Paris on Saturday. Photo / Julien De Rosa, AFP
The United States has disbursed a sum of US$20 billion (NZ$34.4b) for Ukraine, backed by the interest earned on frozen Russian assets, as part of a $50b G7 support package.
The money forms a significant chunk of the $50b in new loans finalised by Group of Seven advanced economiesin October, aimed at helping Kyiv prop up the country as it struggles to fight back against Moscow’s ongoing invasion.
It also comes as President Joe Biden’s administration comes to an end and the future of US support for Kyiv is in doubt.
“These funds, paid for by the windfall proceeds earned from Russia’s own immobilised assets, will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” US Treasury Secretary Janet Yellen said in a statement announcing the decision.
The G7’s loans “will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals and other foundations of its brave resistance,” Yellen said, adding that Washington’s support would help Kyiv “defend its sovereignty and achieve a just peace”.
The funds come at a crucial juncture for Kyiv as questions swirl over the future of US backing once Donald Trump returns to power in January.
The incoming president has questioned the level of financial support the Biden administration has given to support Ukraine following Russia’s 2022 invasion of the country, and suggested he would look to end the war quickly once he takes office.
The latest payment follows many months of talks between the US and its allies, including the European Union, about the best way to use frozen Russian assets, worth hundreds of billions of dollars, to help Ukraine without breaking the law.
