"As part of the G7 package, the United States is announcing today that we will provide Ukraine with $20 billion in the form of loans, which will be repaid through the interest earned from frozen Russian sovereign assets. In other words, Ukraine can receive the assistance it urgently needs now without burdening taxpayers," stated the U.S. President.
According to him, these loans will support Ukrainians who are defending and rebuilding their country, which has been affected by Russian aggression.
"Our efforts clearly demonstrate that tyrants will be held accountable for the damage they inflict. Make no mistake: Russia will not win this conflict. The people of Ukraine will prevail. This serves as another reminder to Vladimir Putin that the world stands united with Ukraine, and the U.S. along with our G7 partners will continue to support them at every step," Biden declared.
The White House leader emphasized that he "led the efforts to unite the G7 to allocate $50 billion" to Ukraine in the form of loans sourced from Russian assets last summer.
"These assets will remain frozen until Russia ceases its aggression and pays for the damage it has caused to Ukraine," Biden warned.