Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
Tokyo will provide 520 billion yen, or one dollar 3.3 billion, in loans to Ukraine using frozen Russian assets to help Kiev purchase weapons and rebuild infrastructure. This funding is part of a larger 50 billion dollar loan package agreed upon by the G7. The West froze nearly 300 billion dollars in Russian assets, prompting Moscow to condemn the act as illegal and theft.
Tokyo will provide 520 billion yen (one dollar 3.3 billion) in loans to Ukraine, funded by proceeds from Russian assets blocked due to Western sanctions, Kyodo news agency reported.
This amount accounts for 6% of the 50 billion dollar loan agreed upon by the G7 during their summit in Italy this June.
These funds aim to help Kiev purchase weapons and rebuild damaged infrastructure.
Japanese authorities plan to finalize the steps for their financial support by year-end.
G7 finance ministers are expected to approve the package at a meeting in Rio de Janeiro later this month.
The West froze nearly 300 billion dollars in Russian Central Bank assets following the escalation in Ukraine.
Most of these funds are held in the EU, mainly in Belgium-based Euroclear.
Moscow has denounced the Western measures, calling them illegal and an act of theft.
This amount accounts for 6% of the 50 billion dollar loan agreed upon by the G7 during their summit in Italy this June.
These funds aim to help Kiev purchase weapons and rebuild damaged infrastructure.
Japanese authorities plan to finalize the steps for their financial support by year-end.
G7 finance ministers are expected to approve the package at a meeting in Rio de Janeiro later this month.
The West froze nearly 300 billion dollars in Russian Central Bank assets following the escalation in Ukraine.
Most of these funds are held in the EU, mainly in Belgium-based Euroclear.
Moscow has denounced the Western measures, calling them illegal and an act of theft.