Ukraine’s first drawdown can be expected as early as December, as Moscow warns it’ll mirror the move and use frozen Western monies The leaders of G7 nations have agreed on lending billions to Ukraine to be backed by the earnings that have accrued on Russian sovereign assets currently frozen by Western countries. In June, members of the group pledged to lend a total of $50 billion to Kiev using this money. Following the escalation of the Ukraine conflict in February 2022, the US and its allies have blocked an estimated $300 billion in assets belonging to the Russian central bank. The bulk of the funds, around €197
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