Janet Yellen announces loan backed by frozen Russian assets as key option for Ukrainian aid
Date
5/26/2024 4:41:40 AM
(MENAFN) US Treasury Secretary Janet Yellen announced on Saturday that providing a loan to Ukraine, backed by returns on frozen Russian sovereign assets, is the "main option" that G7 leaders will consider in June. However, she emphasized that all possible options remain on the table. Speaking to reporters at the conclusion of a G7 finance ministers' meeting in northern Italy, Yellen noted the broad support for this plan but acknowledged that significant work is still required to finalize it. The plan also needs approval from the European Union's 27 member states.
Yellen explained that the proposal must be formalized within the European Union to gain the necessary endorsement from the bloc, highlighting that many countries support this initiative. Nevertheless, she cautioned that it is not a guaranteed outcome, indicating that the deal is not yet fully secured. This careful articulation reflects the ongoing efforts and negotiations needed to mobilize substantial financial aid for Ukraine amidst the challenges posed by the war and the broader geopolitical context.
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