US Treasury Secretary Janet Yellen speaks at the Economic Club of New York in New York City, USA on June 13, 2024.
Brendan McDermid | Reuters
U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine agreed to by President Joe Biden and other leaders of the Group of Seven advanced nations could be the first of several loans through frozen Russian assets are secured.
“This is not the last time this is possible. This is the first tranche and there is more to it if needed,” Yellen told reporters at an Economic Club of New York event. “We ask the Russians to pay for the damage caused.”
The $50 billion loan is backed by at least $260 billion worth of frozen Russian Central Bank assets as collateral. Most of these funds are held in European Union countries.
On Thursday, Biden and his G7 colleagues reached an agreement on the loan, which will help finance military resources, humanitarian aid and support for Ukraine’s reconstruction as Russia’s bloody invasion continues well into its second year.
Yellen was actively involved in negotiating the loan. However, she said the actual distribution of funds would be complicated.
“While we are trying to move quickly here, I cannot provide a timeline for when money will actually flow to Ukraine,” Yellen said.
Part of the detail will be figuring out how much money each G7 nation is willing to contribute to the loan.
If needed, the U.S. would provide the full $50 billion, a senior administration official told reporters in a press briefing on Thursday. But Washington expects at least some of the G7 countries to pledge at least a portion of the total.
“I think it’s important for Putin to recognize that we remain completely united in supporting Ukraine,” Yellen said. “We want to give Ukraine the resources it needs to wage an effective war against Russia.”
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2024-06-13 21:27:05
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