G7 allies are moving ahead with a $50 billion loan for Ukraine backed by frozen Russian funds

WASHINGTON (AP) — The White House said Wednesday that Group of Seven allies are moving forward with providing Ukraine with $50 billion in loans for Ukraine backed by frozen Russian assets.

Leaders of the wealthy democracies agreed earlier this year to engineer the mammoth loan to help Ukraine in its fight for survival after Russia’s invasion. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral.

Daleep Singh, the White House deputy national security adviser on international economics, said the United States plans to provide a loan of $20 billion. The additional $30 billion will come from the European Union, the United Kingdom, Canada and Japan. among others.

“To be clear, nothing like this has ever been done before,” Singh said.