The United States has agreed to allocate up to $20 billion in additional aid to Ukraine as part of a joint loan from the G7 countries and the European Union, totaling $50 billion. This loan is expected to be repaid using profits from frozen Russian assets.
Official Announcements
In an evening video message, Ukrainian President Volodymyr Zelenskyy announced the agreement. Ukrainian Prime Minister Denys Shmyhal emphasized the significance of the aid:
"The money will be directed to the most important financial needs of Ukraine in 2025. Thanks to this assistance, our allies are creating a solid foundation for the economic and financial stability of Ukraine."
U.S. Commitment and Statements
Dalip Singh, Deputy National Security Adviser at the White House, confirmed the intention to allocate $20 billion to Ukraine as part of the G7 loan, according to reports by Associated Press (AP).
"Honestly, nothing like this has ever been done. Never before has a multilateral coalition frozen the assets of an aggressor country and then used the value of those assets to finance the defense of the aggrieved party, respecting the rule of law and maintaining solidarity," Singh stated.
He noted that the United States plans to divide the amount between economic and military aid. The provision of military assistance would require approval from Congress.
Joint Statement Signed
Ukrainian Finance Minister Serhii Marchenko and U.S. Treasury Secretary Janet Yellen signed a joint statement confirming the agreement to provide Ukraine with $20 billion. The Ukrainian Ministry of Finance reported:
- Funding Deadline: The U.S. government is expected to fund the loan no later than December 31, 2024.
- EU Contribution: Macro-financial assistance from the EU will be less than €35 billion, accounting for the U.S. share.
- Total Loan Amount: $50 billion from G7 countries and the EU.
- Repayment Source: Profits from frozen Russian assets.
Previous Financial Support and Future Plans
This year, Ukraine has already received $3.9 billion in direct budget support from the United States. Both nations are working to secure the remaining funding planned for 2024.
