Bloomberg: US and EU prepare $50 billion for Ukraine from frozen Russian assets.

The US and EU are nearing an agreement to provide Ukraine with $50 billion in aid using frozen Russian assets.

According to Bloomberg, citing sources in the EU, the US is ready to allocate $20 billion in aid to Ukraine if the EU changes its sanctions regime against Russia.

Even if the EU does not change the sanctions, the US will still contribute to the planned $50 billion aid package, but with a smaller amount.

The G7 in June agreed to provide Ukraine with a non-repayable loan that will be paid off using the profits from the frozen assets of the Russian central bank.

An American official stated that the US plans to fully fulfill the commitment of $50 billion for Ukraine, depending on EU guarantees on freezing Russian assets.

The EU is working on adjusting the sanctions regarding frozen assets so that they need to be renewed every 36 months, instead of every 6 months as required by the US.

The G7 countries are expected to finalize their commitments at a ministerial meeting on October 25. EU leaders plan to discuss support for Ukraine at a summit on October 17-18.

The aid mechanism envisions the disbursement of funds in several tranches, starting in 2025. This will be additional aid to other packages, including the EU financial plan of 50 billion euros for the period 2024-2027.