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The U.S. is working to unlock a $50 billion loan for Ukraine using revenues from frozen Russian assets.
This was stated by U.S. Ambassador Bridget Brink in an interview with Forbes Ukraine. Brink believes this can be accomplished by the end of 2024.
“We are working to unlock a $50 billion loan for Ukraine based on Russian sovereign assets. We believe this can be done in cooperation with Europeans and other partners by the end of the year,” she said.
According to her, if successful, “this will open up a significant amount of funds.”
The ambassador noted that future financing will require certain steps, especially considering the upcoming elections in the U.S., and a decision still needs to be reached on this matter.
“But I can say that I do not see a decrease in strong bipartisan support for Ukraine,” the ambassador explained, adding that this applies to both chambers of Congress as well as broad public support.
It is worth noting that the leaders of the G7 agreed politically in June to use excess profits from frozen Russian assets in their jurisdictions, amounting to approximately $50 billion per year.
It is expected that the majority of the loan provided to Ukraine will come from Russian assets through the EU.
In July, it was reported that the EU aims to finalize an agreement before the U.S. elections in November to avoid uncertainty regarding the fate of financial assistance for Ukraine.
On September 13, the European Commission presented options to member states for extending the sanctions regime against Russia to facilitate the agreement on using frozen Russian assets for Ukraine’s benefit.
Read also: Biden may approve advancing Ukraine’s NATO membership application by the end of his presidency, – FT
