U.S. and Western Allies Moving Ahead With $50B Loan For Ukraine Backed By Frozen Russian Funds

The White House said Wednesday that Group of Seven allies are moving forward with providing Ukraine with $50 billion in loans for Ukraine backed by frozen Russian assets, TURAN's Washington correspondent reports.

As a part of the initiative, the Biden administration will provide Ukraine with at least 10B of loans via economic support. Another 10B worth U.S. loan will go 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," Daleep Singh, the White House deputy national security adviser on international economics, told reporters on call.

The additional $30 billion will come from the European Union, the United Kingdom, Canada and Japan. among others.

“To be clear, nothing like this has ever been done before,” Singh said.

"The only question we're talking about here is the split between economic assistance and security assistance. We're going to provide $20 billion either way. We'll work with Congress over the next few months to assess whether we can get sufficient authority through foreign military financing, loan guarantee authorities to provide half of our assistance through military support," Singh explained.