The United States Treasury Department announced on Tuesday it extended a $20 billion loan to Ukraine which will be repaid from windfall proceeds earned from frozen Russian assets, stating that the financial aid will help sustain the country's war effort.
"Right now, Putin is engaging our coalition in a contest of wills, counting on us to tire and ultimately retreat. But, through creative policymaking and the unity of the G7, we are sending an unmistakable message of resolve by making Russia increasingly bear the costs of its illegal war," Treasury Secretary Janet Yellen said.
The funds were provided under the G7 Extraordinary Revenue Acceleration (ERA) Loans initiative framework which allocated a total of $50 billion in financial assistance to the government in Kiev.
