Treasury Secretary Janet Yellen announced on Oct. 22 that the United States and its partners in the Group of Seven (G7) nations are nearing a final plan to provide up to $50 billion in loans to Ukraine amid the ongoing conflict with Russia.
In June, the G7 nations—United States, Canada, France, Germany, Italy, Japan, and the UK—tentatively agreed to offer $50 billion in new loans to Ukraine using frozen Russian assets as collateral.
The U.S. is expected to contribute around $20 billion to this loan package.
“We’re on the verge of finalizing America’s share of this $50 billion loan package,” Yellen stated at a press conference during the International Monetary Fund and World Bank annual meetings.
Since 2022, the United States has allocated approximately $175 billion in taxpayer funds for Ukraine-related expenses, making it the largest financial supporter of Kyiv throughout the conflict.
Yellen assured that the loan would be secured by Russian assets, emphasizing that American taxpayers would not bear the costs of this additional aid to Ukraine.
The majority of the loan funding is expected to come from European states.
Yellen acknowledged the need for the European Union to periodically renew sanctions freezing Russian assets they control every six months.
She downplayed concerns about this requirement disrupting European participation in the loan plan, stating it would be “unthinkable” for the EU not to maintain frozen Russian assets while the Ukrainian conflict continues.
Noting that Russian assets have been under EU control since 2014 following the annexation of Crimea, Yellen mentioned that the U.S. has requested some strengthening of assurances regarding the use of these assets to support the loan to Ukraine.
The final EU contribution to the loan plan may vary depending on the contributions from non-EU G7 members.
Yellen mentioned ongoing efforts to monitor Russian attempts to evade existing sanctions and preparations for imposing new sanctions targeting third-party countries supplying crucial military resources to Russia.
The upcoming U.S. elections on Nov. 5 could impact the extent of additional U.S. support for Ukraine.
Vice President Kamala Harris has indicated she would uphold the current U.S. stance on Ukraine if elected president, while former President Donald Trump, seeking reelection, has expressed hesitations about continuing to fund the conflict and aims to expedite negotiations for a resolution.
Please rewrite the following sentence.
Original sentence: “The cat chased the mouse around the house.”
Rewritten sentence: “The mouse was chased by the cat all over the house.”
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