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US, G-7 allies 'very close' to finalising $65 billion Ukraine loan
The Straits Times
|October 24, 2024
Yellen assured US share will be repaid from earnings on frozen Russian assets
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WASHINGTON - US Treasury Secretary Janet Yellen said on Oct 22 that the Group of 7 (G-7) and EU allies are "very close" to finalising a US$50 billion (S$65 billion) loan to Ukraine backed by frozen Russian assets, with an expected US contribution of about US$20 billion.
Dr Yellen told a news conference at the start of International Monetary Fund and World Bank annual meetings that she has a high degree of confidence that the Russian sovereign assets, mostly held in Europe, will remain immobilised despite the continued need for EU renewal of the freeze every six months.
"We're very close to finalising America's portion of this US$50 billion loan package," Dr Yellen said when asked about final negotiations over the loan intended to go to Ukraine by the end of 2024.
This story is from the October 24, 2024 edition of The Straits Times.
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