The loan totals around 50 billion dollars, according to the US authorities. The USA and the EU together contribute around four fifths of the loan, while the UK, Canada and Japan contribute the last fifth.
The funds are obtained with certainty in the returns from Russian funds that are frozen in banks in EU countries, the USA, Canada and Japan. The sanctions against Russia were introduced after the invasion of Ukraine.
Thus, Russian funds are used to finance civil and military support to Ukraine.
Never happened before
The measure is unique in that respect, says the US national security adviser Daleep Singh.
– Something similar has never happened. “Never before has a multilateral coalition frozen funds from an attacking country and transferred the return on the funds to defend the one being attacked,” says Singh.
According to US Finance Minister Janet Yellen, the loan will be made available already before the end of the year.
The proposal was adopted at a G7 summit in June. Since then there have been processes in the respective countries.
Thanks for the support
Around 210 billion euros belonging to the Russian central bank have been frozen since February 2022 as a result of the EU sanctions alone. The return is estimated to be up to EUR 3 billion annually, equivalent to around NOK 35 billion.
Ukraine badly needs financial support in the war against Russia. Two weeks ago, Ukrainian President Volodymyr Zelenskyy was touring Europe to ask for further support from Western countries.
Zelenskyj thanks for the support in a video message late Wednesday evening. The loan will help Ukraine to persevere and defend the country, he says.
Russian President Vladimir Putin has previously criticized the proposed loan, calling it a robbery.
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