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The US has given $20bn (£15bn) to Ukraine, funded by the earnings of seized Russian belongings.
The financial assist kinds a major a part of a $50bn (£39bn) bundle agreed by G7 member nations introduced in June.
Funding the help by way of frozen belongings means Russia has to “bear the costs of its illegal war, instead of taxpayers,” US Treasury Secretary Janet Yellen mentioned.
It comes a matter of weeks earlier than US President Joe Biden is changed by Donald Trump, who has mentioned he needs to end the war in Ukraine quickly upon taking office.
The president-elect has characterised monetary assist to Kyiv as a drain on US assets, casting doubt on whether or not help will proceed underneath the brand new administration.
The US Treasury mentioned on Tuesday that it had transferred the $20bn to a World Bank fund, the place it will likely be obtainable for Ukraine to attract from.
Money dealt with by the World Bank can’t be used for navy functions.
The administration had hoped to dedicate half of the cash to navy help, the Reuters information company reported, however this may have required approval from Congress.
There had been months of delay, amid political wrangling within the House of Representatives, earlier than $61bn of military aid for Ukraine was approved in April.
The $20bn will give the nation “a critical infusion of support” because it defends itself “against an unprovoked war of aggression,” Yellen mentioned in an announcement on Tuesday.
It follows months of dialogue among the many US and its allies, together with the EU, on the best way to use the roughly $325bn (£276bn) value of belongings that had been frozen since Russia’s full-scale invasion of Ukraine started in 2022.
In October, the G7 agreed to make use of the curiosity generated by the belongings – round $3bn (£2.4bn) a yr – to fund $50bn in credit score over 30 years. Payments had been anticipated to start out by the top of the yr.
The EU has dedicated greater than €18bn (£15bn) funded in the identical approach.
The $50bn is meant to make sure Ukraine has “the resources it needs to sustain emergency services, hospitals, and other foundations of its brave resistance,” Yellen mentioned.
It comes at a important juncture for Ukrainian President Volodymyr Zelensky’s forces, who’ve been ceding territory lately.
Moscow has been retaking ground in japanese Ukraine and in Russia’s Kursk – which Ukrainian forces launched an offensive in over the summer time – whereas Ukrainian troops have painted a dismal picture of the war’s frontlines.
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