G7 leaders agree on $50 billion loan to Ukraine from frozen Russian assets
The United States and other major Western economies have agreed on a plan to issue a loan of about $50 billion to Ukraine that would be repaid from interest and profits on nearly $300 billion in frozen Russian assets held in the West.The promise of much-needed financial support for weapons and to begin rebuilding damaged infrastructure comes as Ukraine has been forced to sell some state assets and the momentum of the war on its soil has shifted in favor of its enemy, Russia , whose forces launched a full-scale invasion in 2022.President Biden agreed that the United States would underwrite the entire loan, but American officials said they expected allies, including members of the European Union, to provide some of the upfront funds.The loan would ultimately be repaid through interest and pr...