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."
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.
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
The first-ever summit between the European Union (EU) and the five Central Asian nations—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - began today in Samarkand, Uzbekistan.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
During a high-level meeting, officials from Kyrgyzstan and Russia emphasized the growing economic partnership between the two nations, highlighting a 14.5% increase in mutual trade and reaffirming their commitment to further expansion.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
Seven migrants, including a child, died when their boat sank off Lesbos. 23 survivors were rescued, but the search continues. Greece remains a crucial entry point for migrants, underscoring the perilous sea journey many undertake in search of safety and a new life.
The Hungarian government has decided to withdraw from the International Criminal Court (ICC), marking a significant shift in the country's international stance.
Belgium has warned that newly announced U.S. import tariffs could weaken its economic growth, even as Washington presses allies to ramp up defence spending.
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
The first-ever summit between the European Union (EU) and the five Central Asian nations—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - began today in Samarkand, Uzbekistan.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
During a high-level meeting, officials from Kyrgyzstan and Russia emphasized the growing economic partnership between the two nations, highlighting a 14.5% increase in mutual trade and reaffirming their commitment to further expansion.
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