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."
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Foreign ministers from the world's leading Western democracies meet in France this week against the backdrop of wars in Iran and Ukraine, economic uncertainty, and mounting unease over an increasingly unpredictable U.S. foreign policy.
The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reports.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 9th of March, covering the latest developments you need to know.
Finance ministers from the G7 and other major economies met in Washington on Monday (12 January) to discuss ways to reduce dependence on rare earths from China, including setting a price floor and new partnerships to build up alternative supplies, ministers said.
Both the United States and Iran are giving conflicting messages about trying to end the conflict in the Middle East as the rest of the world battle with the consequences of the war. Welcome to AnewZ's coverage of the tensions in the Middle East.
Israel said it had killed Alireza Tangsiri, the Commander of Iran’s Islamic Revolutionary Guards Corps (IRGC)’s Navy, on Thursday, as confict in the Middle East continued.
A drone has flown into Estonian airspace from Russia. It happened early on Wednesday morning and slammed into a chimney at a local power station, the Baltic country's Internal Security Service told public broadcaster ERR.
Iran has rejected a U.S. proposal to end the war, insisting any ceasefire will occur only on its own terms and timeline, according to a senior political-security official speaking to state-run Press TV on Wednesday.
Marine Le Pen, leader of France’s far-right National Rally (RN), said on Wednesday that the U.S. had “clearly made a mistake” in launching strikes on Iran, arguing Washington misjudged the resilience of the Iranian regime.
A U.S. federal judge raised concerns on Thursday about whether sanctions preventing Venezuela from funding the legal defense of Nicolás Maduro could violate his constitutional rights, though he did not dismiss the drug-trafficking charges against the former leader.
The UK-led Joint Expeditionary Force (JEF) met in Finland on Thursday (26 March) to discuss the Russia–Ukraine war, North Atlantic security and the coalition’s future.
The International Olympic Committee (IOC) has introduced a policy requiring athletes to undergo a one-off gene test to compete in female Olympic events, limiting eligibility to biological women.
Northern European countries must significantly boost military drone production to help Ukraine defeat Russia, Latvia’s Prime Minister has said, warning that victory would be “impossible” without greater support.
Russia has welcomed remarks by Ukrainian President Volodymyr Zelenskyy suggesting the U.S. is making security guarantees conditional on Kyiv relinquishing control of the Donbas region.
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