The Treasury Department on Tuesday announced a $20 billion loan to Ukraine as the Biden administration tries to rush money out the door before President-elect Donald Trump takes office.
The money is part of the Group of Seven’s $50 billion in Extraordinary Revenue Acceleration loans, the Treasury Department said in a release.
“The $50 billion collectively being provided by the G7 through this initiative will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals and other foundations of its brave resistance,” Treasury Secretary Janet Yellen said in the release.
She said the funds are “paid for by the windfall proceeds earned from Russia’s own immobilized assets.”
She added, “Together with America’s security assistance to Ukraine and the steps we will continue to take to decisively tighten sanctions on Russia, this action will further position Ukraine to defend its sovereignty and achieve a just peace. Right now, [Russian President Vladimir] Putin is engaging our coalition in a contest of wills, counting on us to tire and ultimately retreat. But, through creative policymaking and the unity of the G7, we are sending an unmistakable message of resolve by making Russia increasingly bear the costs of its illegal war, instead of taxpayers in our coalition.”
The money — immobilized Russian assets from G7 member jurisdictions — will be transferred to the World Bank’s Facilitation of Resources to Invest in Strengthening Ukraine Financial Intermediary Fund, which will then be made available to Ukraine.
The Biden administration has been steadfast in its support of Ukraine and its nearly two-year fight with Russia.
However, Mr. Trump and his Republican allies in Congress have said Ukraine has received enough money from America.
In an interview on NBC’s “Meet the Press” Sunday, Mr. Trump said Ukraine should “probably” prepare to receive less aid from the U.S.
He has also said he could end the war in one day after he takes office.
Early Sunday, he called on Russia to consider a ceasefire with Ukraine after the fall of Syrian President Bashar Assad’s regime.
“Assad is gone. He has fled his country. His protector, Russia, Russia, Russia, led by Vladimir Putin, was not interested in protecting him any longer,” Mr. Trump posted on Truth Social. “They lost all interest in Syria because of Ukraine, where close to 600,000 Russian soldiers lay wounded or dead, in a war that should never have started, and could go on forever.”
He said both Russia and Iran are in a “weakened state” due to “Ukraine and its bad economy, the other because of Israel and its fighting success.”
He also said Ukrainian President Volodymyr Zelenskyy “would like to make a deal and stop the madness.”
“There should be an immediate ceasefire, and negotiations should begin,” Mr. Trump wrote. “Too many lives are being so needlessly wasted, too many families destroyed, and if it keeps going, it can turn into something much bigger, and far worse. I know Vladimir well. This is his time to act. China can help. The World is waiting!”
• Mallory Wilson can be reached at mwilson@washingtontimes.com.
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