Biden makes statement about historic decision to use Russian assets to support Ukraine
President of the United States Joe Biden commented on the historic decision of the United States, as part of the G7 package, to provide Ukraine with loans in the amount of $20 billion, which will be paid off from interest received from frozen Russian sovereign assets.
"Ukraine can receive the assistance it needs now, without burdening taxpayers. These loans will support the people of Ukraine as they defend and rebuild their country. And our efforts make it clear: tyrants will be responsible for the damages they cause. Make no mistake: Russia will not prevail in this conflict. The people of Ukraine will prevail. This is another reminder to Vladimir Putin that the world has rallied behind Ukraine — and the United States and our G7 partners will continue to stand with them every step of the way," Biden said in the statement published on the White House website.
The statement also recalled that the American leader this summer led efforts to unite the G7 to provide Ukraine with $50 billion in Extraordinary Revenue Acceleration loans secured by profits from immobilized Russian sovereign assets.
"After Russia’s brutal invasion of Ukraine, the G7 took bold action to immobilize Russia’s sovereign assets in our jurisdictions, and committed that these assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine— paving the way for Extraordinary Revenue Acceleration loans," the statement noted.