President to Promote Loans for Ukraine War Effort at G7

Up to $50 billion in loans could be provided from the interest on frozen Russian assets.

President Biden is expected to propose a plan to the Group of 7 leaders at the summit in Apulia, Italy, this week that would provide up to $50 billion in loans to the Ukrainian war effort. That money would come from the interest on Russian assets that Western banks have frozen, which is estimated at roughly $3 billion per year.

Last month, European Union officials resisted the original plan of seizing the assets outright. Instead, they agreed on the possibility of using the interest that the assets generate. The proposed loan concept would be paid back out of the interest over a period of several years.

“They talked through a number of options that will allow us to make sure that Ukraine has access to the money you need to not only invest in the economy but to invest in defense,” Deputy Secretary of the Treasury Wally Adeyemo. “And my expectation is that as we get to the leaders meeting, those leaders are going to endorse some of those options.”

As the Lord Leads, Pray with Us…

  • For discernment for the president and U.S. financial officials as they develop and communicate the plan.
  • For the leaders heading to the G7 Summit to be led by the Lord as they prepare to discuss global concerns.

Sources: VOA News, Reuters


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