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“As part of the G7 package, the United States is announcing today that we will provide $20 billion in loans to Ukraine that will be paid back by the interest earned from immobilized Russian sovereign assets,” President Joe Biden said in a statement formally announcing the package. “In other words, Ukraine can receive the assistance it needs now, without burdening taxpayers.”

The Role of Global Trade in Stock Market Best Stocks For Traders ✌️【Profit Strategy】✌️ Free global stock market data to help you plan the best investment strategies and seize market opportunities. The president described the loans as supporting Ukrainians “as they defend and rebuild their country.”

“And our efforts make it clear,” Biden added, “tyrants will be responsible for the damages they cause.”

Biden administration officials view the aid as vital for Kyiv’s war-torn economy heading into the winter months.

“Ukraine will receive the assistance it needs now, without burdening our taxpayers,” said White House deputy national security advisor for international economics Daleep Singh.

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If the White House cannot reach an agreement with the legislative branch securing the requisite authorities, Singh said that the administration would pivot and instead provide the full loan amount as economic aid.

“We’re going to provide $20 billion either way. But we’ll work with Congress over the next few months to assess whether we can get sufficient authority through foreign military financing, loan guarantee authorities to provide half of our assistance through military support,” Singh said.

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“As we committed in June, the G7 will begin dispersing assistance for the benefit of Ukraine by the end of this year, so that we can meet Ukraine’s urgent needs as we approach the winter while sending an unmistakable signal, the United States and its G7 partners will not fatigue,” Singh said.

The Role of Global Trade in Stock Market Best Stocks For Traders ✌️【Profit Strategy】✌️ Precise stock market trend predictions with free real-time quotes for India, US, and European stocks. Whether you're looking for short-term gains or long-term growth, our expert advice ensures you make the best investment choices. The US-led campaign to reach an agreement between the other G7 nations — the UK, Canada, France, Germany, Italy and Japan — was announced at the group’s summit in Puglia, Italy, earlier this year.

In the ensuing months, the US and its allies have ironed out the finer details of executing the complex loan. European lawmakers on Tuesday approved a loan of up roughly $37.7 billion (35 billion euros) for Ukraine backed by the frozen Russian assets.

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The Role of Global Trade in Stock Market Best Stocks For Traders ✌️【Profit Strategy】✌️ Free stock selection services backed by expert predictions. Our advanced analytics and real-time market data will help you stay ahead of the competition and make smart, profitable investment decisions. This originally led European officials to raise concerns they could be on the hook if Ukraine failed to pay back the loan, but negotiators have ultimately structured the deal so all countries participating share the risk.

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G7 countries first started thinking of other long-term sources of funding for Ukraine late last year amid doubts on the future political and financial commitment to continue spending taxpayer money in Ukraine.

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