US leading efforts within G7 to develop $50 billion aid package to Ukraine

The United States is leading talks among the Group of Seven (G7) nations to develop a military aid package to Ukraine worth up to $50 billion, Bloomberg reported on May 3. The potential package would reportedly be funded by the profits generated by accrued interest on frozen Russian assets.

The frozen Russian assets, which are predominantly held within the European Union, will generate approximately 5 billion euros ($5.3 billion) in windfall profits annually, and would allow for repayment as Western allies provide additional aid funding towards the proposed package.

“Ideally, this is something we would like the entire G7 to participate in, be part of, not just have the United States doing it alone,” U.S. Treasury Secretary Janet Yellen told Bloomberg․