On Wednesday, the Group of 7 nations announced that it has finalized its plans to give Ukraine a $50 billion loan. The money will come from Russia’s frozen central bank assets. This is an unprecedented move by Western nations to make Russia pay for the damage it is causing in Ukraine. A coalition has never frozen an aggressor’s assets and used those assets to pay for the aggrieved party’s defense. This announcement follows months of debate between G7 policymakers over how to use Russian assets to support Ukraine. Western countries have frozen over $300 billion in Russian central bank assets. European officials finally agreed to the loan after deciding to use the interest that the assets were earning to back the loan. The U.S. will contribute $20 billion to the loan. 

Read more: https://www.nytimes.com/2024/10/23/business/g7-ukraine-loan-russian-assets.html