G7 finalizes $50 bln loan for Ukraine, U.S. contribution will be $20 bln – White House

 The White House announced that the U.S. and Western allies are preparing to provide Ukraine with a $50 billion loan package from revenues on frozen Russian assets, Washington's contribution will be $20 billion.

As reported by the White House, "Ukraine will receive the assistance it needs now without burdening our taxpayers."

"Today, we’re announcing that of the $50 billion G7 commitment, the United States plans to provide a loan of $20 billion. The other $30 billion in loans will come from a combination of our G7 partners, including the European Union, the United Kingdom, Canada, and Japan," said White House Deputy National Security Advisor for International Economics Daleep Singh.

The deputy advisor also emphasized that "nothing like this has ever been done before."

"Never before has a multilateral coalition frozen the assets of an aggressor country and then harnessed the value of those assets to fund the defense of the aggrieved party, all while respecting the rule of law and maintaining solidarity," he said.

The White House recalled that at the G7 summit in Apulia in June this year, the United States proposed an idea to ensure that Putin would pay for the damage he had done to Ukraine by committing to providing Ukraine with $50 billion in loans.

It is noted that the United States will provide at least $10 billion in economic support. The World Bank recently created the so-called financial intermediation fund for Ukraine, through which the United States will channel American loan funds for economic support for Ukraine.

"The United States also hopes to provide up to $10 billion of our loan as U.S. military support, but our ability to do that relies on Congress taking action before mid-December on certain legislative changes that allow us to make loans for military support under the contours of this broader G7 initiative," the official said.

However, he assured that in any case, the United States will provide $20 billion in support to Ukraine as part of these efforts, regardless of whether this support is split between economic and military or provided entirely through economic assistance.

"In terms of next steps, the United States will now work with Ukraine to sign loan agreements in order to execute the loan and begin disbursing funds for the benefit of Ukraine before the end of this year. More details will be available at the conclusion of the G7 finance ministers meeting later this week or early next," the official said.