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AP National

G7 allies are moving ahead with a $50 billion loan for Ukraine backed by frozen Russian funds

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Published 6:40 AM

Associated Press

WASHINGTON (AP) — Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of Seven allies. That word comes Wednesday from the White House. Distribution of the money will begin by year’s end, according to officials who say the United States is providing $20 billion of the total. Leaders of the wealthy democracies agreed earlier this year to engineer the loan to help Ukraine in its fight for survival after Russia’s invasion. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral.

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