President Biden and European leaders have agrees to provide Ukraine with a $50 billion loan using profits from frozen Russian assets. After the Russian invasion of Ukraine, the US and Europe froze $300 billion in Russian sovereign assets. A new financial instrument will provide Ukraine with profits from the frozen Russian assets for several years. The decision to use assets for a loan is prompted by the need to assist Ukraine before the November US election. Russia strongly objects to the use of its frozen assets and has warned of a painful response.

Source: Economic Times June 14, 2024 12:53 UTC