Ukraine receives first installment from frozen Russian assets – PM
The first tranche of a $20 billion US loan backed by Moscow’s assets has been paid to Kiev, Ukraine’s prime minister has claimed Read Full Article at RT.com
Moscow has promised to take legal action against those responsible for stealing its wealth
The first $1 billion installment of a $20 billion US loan backed by impounded Russian assets has been paid to Kiev, Ukrainian Prime Minister Denis Shmygal announced on Tuesday. Russia has vowed to respond to the “theft.”
It comes two weeks after the US Treasury Department paid $20 billion into a World Bank fund for transfer to Ukraine. The EU has pledged to contribute an additional $20 billion to the fund, while G7 members Britain, Japan, and Canada will add another $10 billion, for a total of $50 billion that Ukraine will theoretically repay over 40 years.
The loan was funded using interest earned from immobilized Russian sovereign assets. An estimated $300 billion in assets belonging to the Russian central bank were frozen by the US and its allies following the escalation of the Ukraine conflict in February 2022.
“We expect that all sovereign Russian assets will be confiscated and used to rebuild Ukraine,” Shmygal wrote in a post on X.
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