The United States Department of the Treasury has announced a $20 billion disbursement to support Ukraine, as part of the $50 billion G7 Extraordinary Revenue Acceleration (ERA) Loans initiative. The funds are sourced from proceeds earned from immobilized Russian sovereign assets.
“These funds – paid for by the windfall proceeds earned from Russia’s own immobilized assets – will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” stated Secretary of the Treasury Janet L. Yellen. She added that the initiative aims to ensure Ukraine can sustain emergency services and other essential operations amidst ongoing conflict.
Following Russia's invasion of Ukraine, G7 members took steps to immobilize Russian sovereign assets within their jurisdictions. These assets will remain frozen until Russia ceases its aggression and compensates for damages caused in Ukraine. The United States has fulfilled its commitment made in October by transferring $20 billion to the World Bank’s Facilitation of Resources to Invest in Strengthening Ukraine Financial Intermediary Fund (F.O.R.T.I.S. Ukraine FIF), making these resources available to Ukraine.
Janet Yellen Secretary of the Treasury
| Official website
The continued support underscores the determination of the United States and its partners to defend democracy, protect the global economy, and reinforce collective security against authoritarian regimes. It is also considered vital for U.S. national interests, as a successful Ukraine is seen as a deterrent against further aggression by Putin and essential for safeguarding NATO allies in Europe.
