Meloni tells which countries will provide a $50B loan to Ukraine

Italian Prime Minister Giorgia Meloni stated this, Ukrinform reports citing Reuters.

"The loan of about 50 billion has already been announced (and will) be provided by the United States, as well as Canada, the United Kingdom, and probably Japan, within the limits of its constitutional constraints," Meloni said.

According to her, currently, European nations are not involved in this loan

As noted, nearly 260 billion euros ($278 billion) in Russian assets such as central bank reserves have been frozen under sanctions imposed following Russia’s invasion of Ukraine in February 2022.

Around 190 billion euros of the assets are held in Euroclear, a Belgium-based central securities depository, making the EU a key player in any plan to make use of the assets. The United States holds about $5 billion of such assets.

As reported, the G7 has agreed to use frozen Russian assets to raise $50 billion for Ukraine by the end of 2024. This is a loan from the United States but it can be supplemented with European money or national contributions.

This loan is to be repaid from the proceeds of Russian assets frozen in the European Union.