US to send $15 billion to Ukraine using frozen Russian assets, PM says

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The United States will provide Ukraine with $15 billion, backed by future revenues from frozen Russian assets, Ukrainian Prime Minister Denys Shmyhal announced on Dec. 30.

The agreement was signed between Ukraine's Finance Ministry and the World Bank, Shmyhal said.

"These funds are part of the PEACE in Ukraine project and represent a portion of the $20 billion U.S. contribution under the G7 initiative, which will be allocated to social and humanitarian expenditures," Shmyhal wrote on Telegram.

"We thank the United States and the World Bank for implementing and supporting this initiative, which forces Russia to pay for its aggression against Ukraine," he added/

Shmyhal previously announced on Dec. 20 that Ukraine had already begun receiving U.S. funds under the framework of the G7's $50 billion loan program, covered by profits from frozen Russian assets.

On Dec. 24, Ukraine received $1 billion from the United States in profits from these assets, according to Shmyhal.

Meanwhile, the Russian Embassy in London condemned a similar plan by the U.K. to transfer more than 2 billion pounds ($2.5 billion) to Ukraine using frozen Russian assets, calling it a "fraudulent scheme."

The loans were agreed upon in July by G7 leaders — comprising the U.K., Canada, France, Germany, Italy, Japan, and the United States — along with senior European Union officials. The majority of the frozen Russian assets are held in EU countries.