Ukraine Set to Receive $50 Billion from Frozen Russian Assets by Year-End

Ukraine to Get $50 Billion from Frozen Russian Assets: How It Will Transform the War Effort

Ukraine is poised to receive the first $50 billion of the $300 billion in Russian assets currently immobilized abroad by the end of 2024, according to Prime Minister Denys Shmyhal. This substantial sum will be utilized for war damage compensation and to bolster national defenses.

In a recent panel discussion at the Ukraine 2024 Independence Forum, Shmyhal outlined plans for these funds. “Our goal is to secure the full $300 billion in frozen Russian assets, with $50 billion expected from our partners as a down payment,” he said. The funds will be used to cover urgent needs, including compensating for war damages and addressing budgetary deficits.

Shmyhal emphasized that these funds should be interest-free and not impact Ukraine’s public debt, aligning with IMF conditions. The G7 nations and the EU are currently working on the framework for transferring these assets to Ukraine.

Additionally, Shmyhal noted that the funds could also be directed towards security and defense needs, including purchasing military equipment. The anticipated release of these funds is seen as a significant step in supporting Ukraine’s recovery and defense efforts.