A $50 billion loan from Russia’s frozen assets may be transferred to Ukraine by October
The G7 countries will sign a framework agreement to provide Ukraine with a $50 billion loan using frozen Russian assets by October.
This forecast was made by European Commissioner for the Economy Paolo Gentiloni, Reuters reports.
$50 billion of frozen Russian assets to be transferred to Ukraine: what is known
During a meeting of finance ministers and central bankers of the G20 countries in Rio de Janeiro, the European Commissioner noted that significant progress had been made on the technical and legal aspects of the loan to Ukraine.
– I am confident that we will be able to achieve this by October. By October, I mean the time frame. Then, of course, by the end of the year we need to go to the markets, but each country has a different situation,” Gentiloni said.
He emphasized that the parties are making “very good progress” both technically and politically.
According to Reuters, on Wednesday, EU ambassadors discussed two options aimed at easing concerns among G7 member states that there may come a time when there is no unanimity among the 27 EU member states, which would jeopardize the entire loan to Ukraine.
One of them is an indefinite extension of the sanctions regime, which has immobilized the assets of the Central Bank of the Russian Federation.
The other option, the agency notes, is to extend the period of sanctions to freeze Russian assets for up to three years.