Ukraine secures $15b WB loan backed by frozen Russian assets

Ukraine’s Ministry of Finance signed a $15 billion loan agreement with the World Bank, backed by income from frozen Russian assets, Prime Minister Denis Shmygal announced on Tuesday.

The funds, part of the PEACE in Ukraine project and the US contribution to the G7 initiative, are intended to support Ukraine’s financial needs.

Earlier, Shmygal confirmed that Ukraine received $1 billion from frozen Russian assets. The US has pledged $20 billion to the G7’s $50 billion financial aid plan for Ukraine, with the remaining $30 billion to come from G7 and EU efforts.

Russia condemned the move, with Kremlin spokesman Dmitry Peskov stating that transferring frozen Russian funds to Ukraine could lead to legal consequences, calling the money “stolen from Russia.”

Attribution: TASS

Subediting: Y.Yasser