The Treasury Department announced Tuesday it would be sending a $20 billion loan, covered by liquidated Russian assets, to Ukraine as part of the Group of Seven's $50 billion Extraordinary Revenue Acceleration (ERA) Loans program.
"These funds," Treasury Secretary Janet Yellen said in a statement, "paid for by the windfall proceeds earned from Russia's own immobilized assets — will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression."
"The $50 billion collectively being provided by the G7 through this initiative will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals, and other foundations of its brave resistance."
As a response to the loan package, Ukrainian President Volodymyr Zelenskyy posted to X that he was "deeply grateful to President [Joe] Biden, the U.S. Treasury [Yellen], and the bipartisan support of Congress for the disbursement of $20 billion under the G7 Extraordinary Revenue Acceleration for Ukraine initiative."
Zelenskyy concluded his statement, writing that it showed "a powerful lesson to any would-be aggressor" and "accountability for acts of war is inevitable."
The loan for Ukraine's war effort comes amid Biden's lame-duck administration, while President-elect Donald Trump has repeatedly called for peace in the region and has vowed to end the conflict. This weekend, Trump called for an "immediate ceasefire" in the region, The Hill reported.