U.S. Treasury Secretary Janet Yellen announced that G7 and EU partners are nearing a $50 billion loan to Ukraine backed by frozen Russian assets, with the U.S. contributing $20 billion.
On Tuesday, U.S. Treasury Secretary Janet Yellen reported that G7 and EU allies are approaching the finalization of a $50 billion loan to Ukraine, which will be secured by frozen Russian assets. The U.S. is projected to contribute roughly $20 billion to this effort.
During a news conference at the beginning of the International Monetary Fund and World Bank annual meetings, Yellen expressed confidence that the Russian sovereign assets, primarily located in Europe, will stay immobilized despite the EU's need to renew the freeze every six months.
Republican presidential candidate Donald Trump pledged to "get out" of the Russia-Ukraine war, highlighting the urgency for G7 allies to finalize the loan ahead of the Nov. 5 U.S. elections.
Earlier on Tuesday, EU lawmakers approved the bloc's plan to utilize frozen Russian assets for a loan of up to 35 billion euros ($38 billion).
Yellen indicated that the U.S. is ready to contribute about $20 billion to the loan and that there are "nothing significant that still needs to be worked out."
The U.S. pushed for stronger assurances from the EU that the funds, primarily held by Euroclear in Belgium, would remain frozen for an extended period, even if a truce in Ukraine is reached. This would minimize the risk of U.S. taxpayers being responsible for repaying the loan.
Yellen stated that the U.S. is willing to accept the EU's commitment to maintaining the long-term freeze on the assets, particularly in light of the current situation of the war. "I think the assurances are already there. We asked for some mild strengthening, but feel good that this is a secure loan that will be serviced by Russian assets, by Russia and not by American taxpayers," Yellen noted.
In her prepared remarks, she mentioned that the U.S. would introduce strong new sanctions as early as next week, targeting entities that support Russia's military efforts in Ukraine, including "intermediaries in third countries that are supplying Russia with critical inputs for its military."
Finance leaders from the Group of Seven democracies will strive for a show of unity when they meet this week on topics other than U.S. President Donald Trump's tariffs, including economic security, Ukraine and artificial intelligence cooperation.
Zelenskyy and Canada’s new PM Mark Carney discussed military aid, sanctions on Russia, and defence cooperation, highlighting stronger ties and Ukraine’s role in Canada’s G7 agenda.
The G7 countries reaffirmed their support for Ukraine's territorial integrity and sovereignty. They positively assessed the meeting between the US and Ukraine held on March 11 in Saudi Arabia, emphasizing the importance of a ceasefire.
Foreign ministers from the world’s leading democracies meet in Canada to navigate rising tensions with the U.S., as Trump’s policies on Ukraine, tariffs, and Russia spark divisions. Diplomats seek common ground while confronting Washington's unpredictability.
Ukraine has received the first installment of 2.5 billion Canadian dollars (approximately $1.7 billion) from Ottawa under the G7's Extraordinary Revenue Acceleration (ERA) initiative, the Ukrainian Finance Ministry announced on March 13.
India’s space agency, ISRO, has reported a failure in launching its EOS-9 surveillance satellite into the planned orbit after a technical problem during the rocket’s flight.
President Donald Trump said the war in Ukraine should have remained a European matter and that the United States should not have gotten involved.
Countries have taken a major step toward finalizing a landmark global agreement aimed at preventing future pandemics.
France will open a new high-security prison deep in the Amazon jungle of French Guiana, aimed at detaining drug traffickers and radicalised inmates.
Ukrainian President Volodymyr Zelensky held two separate phone calls with US President Donald Trump, centered on a potential ceasefire and how to respond if Russia continues to block peace efforts.
Ukrainian President Volodymyr Zelenskyy met Turkish President Recep Tayyip Erdogan in Ankara on May 15, with discussions reportedly focusing on upcoming peace talks between Ukrainian and Russian delegates in Istanbul.
Israeli Prime Minister Benjamin Netanyahu said the war in Gaza will not stop until Hamas is destroyed, following the release of US-Israeli soldier Edan Alexander.
Qatar signed a landmark agreement with U.S. aerospace giant Boeing on Wednesday to acquire 160 aircraft for Qatar Airways, a deal valued at $200 billion. The signing took place in Doha during the visit of U.S. President Donald Trump.
Ukrainian and Russian delegations meet behind closed doors at Istanbul’s Dolmabahçe Palace at 10:00 local time today to explore security guarantees, territorial integrity and a possible ceasefire.
EU approves 17th Russia sanctions, blacklisting almost 200 shadow‑fleet ships, 30 evasion firms and 75 defence figures, banning missile chemicals and arming Brussels to strike Kremlin hybrid and operations.
The U.S. Supreme Court recently allowed President Donald Trump's administration to move forward with ending Temporary Protected Status (TPS) for around 350,000 Venezuelans living in the U.S. Trump has also aimed to end TPS protections for Haitians, Afghans, and others.
The U.S. Supreme Court has granted a request from the Trump administration to lift protections under the Temporary Protected Status (TPS) program for approximately 350,000 Venezuelans, potentially opening the door to future deportations while litigation continues.
India’s space agency, ISRO, has reported a failure in launching its EOS-9 surveillance satellite into the planned orbit after a technical problem during the rocket’s flight.
President Donald Trump said the war in Ukraine should have remained a European matter and that the United States should not have gotten involved.
Countries have taken a major step toward finalizing a landmark global agreement aimed at preventing future pandemics.
India’s space agency, ISRO, has reported a failure in launching its EOS-9 surveillance satellite into the planned orbit after a technical problem during the rocket’s flight.
President Donald Trump said the war in Ukraine should have remained a European matter and that the United States should not have gotten involved.
Countries have taken a major step toward finalizing a landmark global agreement aimed at preventing future pandemics.
France will open a new high-security prison deep in the Amazon jungle of French Guiana, aimed at detaining drug traffickers and radicalised inmates.
Ukrainian President Volodymyr Zelensky held two separate phone calls with US President Donald Trump, centered on a potential ceasefire and how to respond if Russia continues to block peace efforts.
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