Ukraine has received its first $1 billion installment from profits generated by frozen Russian assets.
The Gateway Pundit previously reported that the Biden regime announced a controversial $20 billion loan to Ukraine.
The funds are derived from frozen Russian assets, which critics are calling outright theft and an unprecedented gamble with international norms.
This decision is part of a broader $50 billion package orchestrated by the Group of Seven (G7) nations, aiming to support Ukraine amidst its ongoing conflict with Russia.
“These funds – paid for by the windfall proceeds earned from Russia’s own immobilized assets – will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” Secretary of the Treasury Janet Yellen said in a statement.
“The $50 billion collectively being provided by the G7 through this initiative will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals, and other foundations of its brave resistance. Together with America’s security assistance to Ukraine and the steps we will continue to take to decisively tighten sanctions on Russia, this action will further position Ukraine to defend its sovereignty and achieve a just peace.”
“Right now, Putin is engaging our coalition in a contest of wills, counting on us to tire and ultimately retreat. But, through creative policymaking and the unity of the G7, we are sending an unmistakable message of resolve by making Russia increasingly bear the costs of its illegal war, instead of taxpayers in our coalition,” Yellen concluded.
Russia’s Foreign Ministry has condemned Biden’s action to transfer $20 billion to Ukraine.
“The provision by the U.S. Treasury Department…of $20 billion using income from operations of ‘frozen’ Russian sovereign assets essentially stolen by the G7 countries is simply robbery,” a statement on the ministry website said, according to Reuters.
“No pseudo-legal machinations, abundantly seasoned with hypocrisy and double standards will go unanswered,” the statement said.
“Russia possesses sufficient capabilities and levers for a retaliatory seizure of Western assets within its jurisdiction, which in such a case would be used to enhance industrial potential and implement infrastructure projects in Russian regions.”
The World Bank, overseeing the distribution, approved $2.05 billion in funding for Ukraine, which includes the initial $1 billion grant from the U.S. loan fund and an additional $1.05 billion supported by guarantees from Japan and the United Kingdom.
Ukrainian Prime Minister Denys Shmyhal expressed gratitude for the support, stating, “Ukraine has received 1 billion dollars from the United States, backed by profits from frozen russian assets. This is the first tranche of the planned 20 billion dollars that the US intends to provide as part of the G7 initiative. We are grateful to US partners and World Bank for this important step towards justice. We expect all russian sovereign assets to be confiscated and used for the reconstruction of Ukraine.”
Ukraine has received 1 billion dollars from the United States, backed by profits from frozen russian assets. This is the first tranche of the planned 20 billion dollars that the US intends to provide as part of the G7 initiative. We are grateful to US partners and @WorldBank for…
— Denys Shmyhal (@Denys_Shmyhal) December 24, 2024
Earlier this year, the European Union also engaged in similar actions, previously transferring €1.5 billion ($1.6 billion) to Ukraine from the proceeds of frozen Russian assets to fund defense and reconstruction efforts. This initiative faced criticism from the Kremlin, which labeled it “illegal” and vowed to challenge the decision.
According to the Council on Foreign Relations, as of September 2024, the Biden administration had committed approximately $175 billion in aid related to the conflict in Ukraine.
It’s important to note that this amount reflects commitments made up to September 2024 and does not include any additional aid that may have been provided since then.
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