G7 Approves $50 Billion Loan for Ukraine

The Group of Seven (G7) nations have agreed to provide Ukraine with a $50 billion loan, backed by interest from frozen Russian central bank assets, to support its defense and economy against ongoing aggression from Russia. U.S. Treasury Secretary Janet Yellen announced that the U.S. will contribute $20 billion, with the remaining $30 billion sourced from other G7 members, including the European Union and Canada. This initiative marks a historical precedent, as it utilizes earnings from immobilized assets of an aggressor nation to aid the attacked party, thereby avoiding direct asset seizure. The U.S. portion of the loan will be split equally between economic and military assistance, contingent on Congressional approval. The funds are expected to be disbursed by the end of the year, with potential projects including energy infrastructure repairs and military support. This move sends a strong message to Russia regarding the resilience and unity of the G7 coalition in the face of aggression.