G7 reaches consensus on $50B loan for Ukraine backed by frozen Russian assets

This is said in a G7 leaders’ statement, Ukrinform reports.

“We, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately $50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine,” the statement says.

They agreed that these loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets, in line with G7 respective legal systems and international law. “The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance,” the statement reads.

It is stressed that the aim is “to begin disbursing the funds by the end of the year.”

“With the large amount of financing from the ERA loans to meet its pressing need, we have once again made clear our unwavering commitment to stand by Ukraine for as long as it takes. Time is not on President Putin’s side,” the document reads.

As reported, the European Council on October 23 finally approved, under a written procedure, a macro-financial loan of 35 billion euros to Ukraine, which will be paid and serviced from the extraordinary proceeds of Russian assets frozen in the EU.

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