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G7 has issued Ukraine nearly $50bn in loans from Russian asset proceeds
Версия 2: A further report adds detail on how the lending scheme is structured, including that it consists of separate national loans, that repayment is not expected from Ukraine's own budget, and that G7 members would share the credit burden if the frozen assets were unfrozen or proceeds fell short.
Коротко
The G7 countries have provided Ukraine with close to $50bn in loans financed from income on frozen Russian assets, with $49.4bn received by the end of September, according to figures cited by RIA Novosti and reported by Vedomosti and Kommersant. The first $1bn came from the United States in late 2024, and other G7 members provided $37.9bn in 2025 and $10.5bn in 2026. Kommersant reported that the arrangement consists of separate national loans rather than a single facility, and that the funds may be treated as a grant because repayment from Ukraine's own budget is not envisaged.
Читать полностью 2 мин чтения
The Group of Seven countries have issued Ukraine loans of almost $50bn financed from income on frozen Russian assets, RIA Novosti reported, with Vedomosti and Kommersant both citing the agency's reference to data from Ukraine's finance ministry and national agencies. By the end of September, Ukraine had received $49.4bn under the scheme, the two business outlets reported. The first $1bn came from the United States at the end of 2024; the other G7 members provided $37.9bn in 2025 and $10.5bn in 2026, they said. [ 1 , 2 , 3 ]
Kommersant reported that the arrangement is not a single loan but separate credits issued by individual G7 members, each determining its own financing scheme and rules. Proceeds from the frozen assets are to be kept on special accounts and, after the necessary taxes are paid, transferred to the budget for aid to Ukraine, where they are used to service and repay the loans. For Ukraine, the outlet reported, the money can be considered a grant because repayment from its own budget is not envisaged, which matters because the scheme should not increase the country's debt-to-GDP ratio. Roles are divided among the G7 states: some provide funds, others take part in repayment and others give guarantees, according to Kommersant. [ 3 ]
Kommersant also reported limits to the scheme tied to the yield and safety of the assets. If the Russian assets were unfrozen, or if proceeds proved insufficient to service and fully repay the loan, G7 participants would have to share the credit burden, and individual countries would bear risks if profits from the blocked assets fell short. [ 3 ]
Separately, Vedomosti reported that on 4 October Les Échos wrote that a group of members of the European Parliament proposed reopening discussion on using Russian assets frozen in Europe to finance Ukraine. The authors of the initiative proposed transferring assets worth about €210bn into a pan-European mechanism under European Commission control, so that legal and financial risks would be distributed among EU states. The letter was signed by 122 MEPs, Vedomosti reported. [ 2 ]
Vedomosti added that Bank of Russia assets were blocked after 2022 and that, according to the central bank's estimate, more than €210bn is held at Euroclear. Moscow accumulates assets of foreign investors from unfriendly countries on type “C” accounts, the outlet reported. [ 2 ]
Почему это важно
The documents describe a financing mechanism in which Ukraine's support rests on income from blocked Russian central bank reserves, an arrangement Moscow rejects and has answered by accumulating foreign investors' assets from unfriendly countries on type “C” accounts. Kommersant reported that if the assets are unfrozen or proceeds fall short, G7 members would have to share the credit burden, so the exposure sits with those governments rather than with Kyiv. A separate initiative by 122 members of the European Parliament, reported by Vedomosti, would move roughly €210bn of assets into an EU-level mechanism; the documents report no decision on that proposal.
Ключевые факты
- G7 countries have issued Ukraine loans of almost $50bn financed from income on frozen Russian assets, according to RIA Novosti and as reported by Vedomosti and Kommersant. [ 1 , 2 , 3 ]
- By the end of September, Ukraine had received $49.4bn under the scheme, according to Vedomosti and Kommersant, citing RIA Novosti referring to Ukraine's finance ministry and national agencies. [ 2 , 3 ]
- The first $1bn came from the United States at the end of 2024; other G7 members provided $37.9bn in 2025 and $10.5bn in 2026, according to Vedomosti and Kommersant. [ 2 , 3 ]
- Kommersant reported that the mechanism is not a single loan but separate credits from each G7 member, each setting its own financing scheme and rules. [ 3 ]
- Kommersant reported that proceeds from frozen assets are held on special accounts and, after taxes, go to the budget to service and repay the loans, and that the funds may be treated as a grant because repayment from Ukraine's own budget is not envisaged, so the scheme should not raise Ukraine's debt-to-GDP ratio. [ 3 ]
- Kommersant reported that if Russian assets were unfrozen or proceeds proved insufficient, G7 participants would have to share the credit burden, with individual countries bearing risks if profits fall short. [ 3 ]
- Vedomosti reported that on 4 October Les Échos wrote that 122 members of the European Parliament signed a letter proposing to reopen debate on using frozen Russian assets for Ukraine, transferring about €210bn into a pan-European mechanism under European Commission control. [ 2 ]
- Vedomosti reported that Bank of Russia assets were blocked after 2022, that the central bank estimates more than €210bn is held at Euroclear, and that Moscow accumulates assets of foreign investors from unfriendly countries on type “C” accounts. [ 2 ]
Подтверждено несколькими источниками
- G7 countries have issued Ukraine loans of almost $50bn financed from income on frozen Russian assets. [ 1 , 2 , 3 ]
- Ukraine had received $49.4bn under the scheme by the end of September, according to figures attributed to Ukraine's finance ministry and national agencies. [ 2 , 3 ]
- The first $1bn came from the United States in late 2024, with other G7 members providing $37.9bn in 2025 and $10.5bn in 2026. [ 2 , 3 ]
Пока неясно
- The exact total provided to Ukraine so far RIA Novosti says almost $50bn while Vedomosti and Kommersant give $49.4bn received by the end of September; the documents do not reconcile the two figures.
- Whether the European Parliament proposal to move about €210bn of frozen Russian assets into an EU-level mechanism will be taken up Vedomosti reports only that 122 deputies signed a letter calling for the discussion to be reopened, with no decision reported.
- How the credit burden would be divided among G7 members if the assets were unfrozen or proceeds fell short Kommersant states that participants would have to share the burden and that individual countries bear risks, but gives no agreed allocation; this detail appears in a single outlet.
- The full data set behind the $49.4bn figure The figure is attributed to Ukraine's finance ministry and national agencies via RIA Novosti; no document reproduces the underlying data.
Что пишут местные СМИ
Хронология, местное время
- The United States provides the first $1bn of the loans, according to Vedomosti and Kommersant. [ 2 , 3 ]
- Les Échos reports that 122 members of the European Parliament signed a letter urging renewed discussion of using frozen Russian assets to finance Ukraine, according to Vedomosti. [ 2 ]
- RIA Novosti publishes its report that the G7 handed Ukraine almost $50bn at the expense of Russian assets. [ 1 ]
- Vedomosti publishes its report detailing the disbursements and the European Parliament initiative. [ 2 ]
- Kommersant publishes its report on the loan totals and the structure of the scheme. [ 3 ]