Japan To Provide $3.3B In Loans To Ukraine From Frozen Russian Assets
Date
7/17/2024 3:09:39 AM
(MENAFN- UkrinForm) Japan is arranging to shoulder $3.3 billion in loans to Ukraine as part of support to be provided by Group of Seven members utilizing interest from Russian sovereign assets frozen as part of their sanctions over Moscow's invasion of its neighbor.
Diplomatic sources told this to Kyodo on Tuesday, Ukrinform reports.
According to the sources, the G7 members have been coordinating how to disburse the aid after their leaders agreed during their summit in Italy in June to provide $50 billion in total to support Ukraine, which has been under invasion by Russia since February 2022.
Read also: Ukraine will work to seize all immobilized Russian sovereign assets - Shmyhal
The United States and the European Union are each expected to shoulder $20 billion, while Japan, Britain and Canada are set to share the remaining $10 billion, the sources said. The G7 is aiming to begin the project by the end of this year.
France, Germany and Italy are unlikely to participate in the lending program for the time being as the European Union already has a similar support plan, the sources said.
The G7 finance ministers and central bank chiefs are poised to discuss the issue when they gather in Rio de Janeiro later this month on the sidelines of a meeting with their counterparts from the Group of 20 economies, the sources said.
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