US provides Ukraine with first billion of expected US$20 billion from frozen Russian assets

Prime Minister Denys Shmyhal has announced the receipt of the first billion dollars of a US$20 billion loan secured by proceeds from frozen Russian assets.

="Ukraine has received US$1 billion from the United States, secured by the proceeds of frozen Russian assets," Shmyhal wrote on Telegram.

He explained that this is the first tranche of the planned US$20 billion that the United States is ready to allocate through the use of frozen Russian assets under the G7 initiative.

"We thank our American partners and the World Bank for this important step towards justice. We expect that all sovereign Russian assets will be confiscated and used to rebuild Ukraine," Shmyhal said.

On 10 December, the United States announced the allocation of US$20 billion in favour of Ukraine to a special fund of the World Bank.

This is part of the Group of Seven's plan to provide Ukraine with €50 billion from Russian assets: the funds will be provided formally as a loan, but will be repaid through a tax on excess profits received from frozen Russian assets.