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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.”

what factors are pushing mahavir industries limited (531648) up ✌️【Market Forecast】✌️ Free stock selection service with professional advisors offering the best investment portfolio for stable growth. 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.

what factors are pushing mahavir industries limited (531648) up ✌️【Market Forecast】✌️ Expert predictions with real-time stock trend analysis to help you quickly select high-potential stocks and grow capital. The announcement comes during a fraught political period in the US, which is less than two weeks away from a presidential election that could return Republican candidate Donald Trump, who has been a public skeptic of US aid to Ukraine, to the White House.

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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.

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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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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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