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Biden continues to help Ukraine, the US gives billions of dollars
2024-12-11 09:39:46 / BOTA
The United States announced that it has allocated $20 billion in loans to Ukraine as part of a $50 billion aid package agreed by the G7 group of industrialized nations in the summer.
The administration of incumbent Joe Biden has promised to disburse the loan before the end of the year, amid concerns that President-elect Donald Trump could end US support for the war-torn country.
Trump, who will take office on January 20, has repeatedly criticized US aid to him, but has also said he would support a lending program.
Ukraine is heavily dependent on US and European military and financial aid in its war against Russian occupation, now in its third year.
A US aid package worth $61 billion was passed in April, but it is likely to end by early next year.
This makes the G7 loan of $50 billion to ensure that Ukraine has enough funds and weapons to defend itself through the first part of 2025, if Trump stops further support for it.
" These funds - paid for by the proceeds of Russia's unmobilized assets - will provide Ukraine with a critical infusion of support as it defends itself against an unprovoked war of aggression ," said US Treasury Secretary Janet Yellen.
The announcement of the loan comes after months of talks between the United States and its allies - including the European Union - on how best to use hundreds of billions of dollars worth of frozen Russian assets without violating international law.
The Treasury said that Washington has transferred 20 billion dollars to a World Bank fund, which will make the money available to Ukraine./ REL
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