Ukraine has received US$ 1 Bn backed by seized Russian assets – PM

The first US$ 1 billion installment of a US$ 20 billion US loan backed by impounded Russian assets has been paid to Kiev, Ukrainian Prime Minister Denis Shmihal announced on Tuesday. Russia has vowed to respond to the “theft.”

It comes two weeks after the US Treasury Department paidUS $ 20 billion into a World Bank fund for transfer to Ukraine. The EU has pledged to contribute an additional US$ 20 billion to the fund, while G7 members Britain, Japan, and Canada will add another US$ 10 billion, for a total of US$ 50 billion that will theoretically be repaid over 40 years.

The loan was funded by interest earned from immobilised Russian sovereign assets. An estimated US$ 300 billion worth belonging to the Russian Central Bank was frosen 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,” Shmigal wrote in a post on X.

(Russia Today)

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