US Allocates $20bn to Ukraine Using Seized Russian Assets.

Written on 11/12/2024
BBC

The United States has provided $20 billion in economic aid to Ukraine, funded by profits from frozen Russian assets.

This support forms a substantial part of the $50 billion aid package agreed upon by G7 nations in June. U.S. Treasury Secretary Janet Yellen emphasized that using seized assets ensures Russia, not taxpayers, shoulders the financial burden of its "illegal war" against Ukraine.

This initiative underlines a strategic approach to financing wartime support while holding Russia accountable.



It comes a matter of weeks before US President Joe Biden is replaced by Donald Trump, who has said he wants to end the war in Ukraine quickly upon taking office.

The president-elect has characterized financial support to Kyiv as a drain on US resources, casting doubt on whether aid will continue under the new administration.

The US Treasury said on Tuesday that it had transferred the $20bn to a World Bank fund, where it will be available for Ukraine to draw from.

Money handled by the World Bank cannot be used for military purposes.

Source