Arya News - MOSCOW (Sputnik) - The United States announced plans at a meeting of G7 finance ministers to reduce its support for Ukraine after disbursing the final tranches of the G7 loan agreed upon during former US President Joe Biden`s administration, Western media reported, citing an EU diplomat.
In 2024, G7 countries approved a loan to Ukraine of about $50 billion, using proceeds from frozen Russian assets. As of December 2, the countries had already allocated $34.8 billion to Ukraine under this arrangement, Sputnik estimated. The European Commission is seeking to get EU countries to use the Russian Central Bank"s assets to finance Ukraine"s war effort. On November 8, Belgian news agency Belga reported that around $163 billion in Russian money could be used as a so-called reparations loan, which Ukraine would only repay if it receives "compensation for material damage" from Russia. Belgium opposes the plan over fears of legal consequences. Following the start of Russia"s military operation in Ukraine in 2022, the European Union and the G7 nations froze nearly half of Russia"s foreign currency reserves, totaling approximately $349 billion. Around $232 billion are held in European accounts, predominantly in Euroclear, a Belgium-based securities depository.