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The United States has transferred $20 billion to Ukraine, utilizing profits from seized Russian assets, according to a statement from the US Treasury Department on Tuesday.
This move is part of a $50 billion package agreed upon by G7 nations in June, aimed at supporting Ukraine's economy amidst the ongoing conflict with Russia. The funds are generated from approximately $325 billion in frozen Russian assets, which have been inaccessible since the 2022 invasion.
"Today's transfer of $20 billion to Ukraine is a critical infusion of support, enabling the country to defend itself against an unprovoked war of aggression," said US Treasury Secretary Janet Yellen. "By using the interest earned on frozen Russian assets, we are making Russia increasingly bear the costs of its illegal war, instead of taxpayers in our coalition."
This transfer comes as President-elect Donald Trump prepares to take office, having previously expressed reservations about continued US financial aid to Ukraine. When asked about the future of US support, a Treasury Department spokesperson referred to Secretary Yellen's statement, emphasizing the current administration's commitment to Ukraine's sovereignty.
All transferred funds will be disbursed to Ukraine through a World Bank fund, with restrictions in place to prevent military use. A World Bank spokesperson confirmed the arrangement, stating, "We are working closely with the Ukrainian government to ensure the effective use of these funds in supporting the country's economic resilience."
The European Union has also committed to providing significant aid to Ukraine, using a similar approach. An EU spokesperson highlighted the bloc's dedication to Ukraine's sovereignty, stating, "Our support will continue to be unwavering, as we work together to address the challenges posed by the ongoing conflict."
