US, Europe agree to lock up Russian assets until it pays for Ukraine war, clearing way for $50B loan

By COLLEEN LONG and DARLENE SUPERVILLE
Associated Press

BORGO EGNAZIA, Italy (AP) — The United States and European countries have agreed to lock up sanctioned Russian assets until Moscow pays reparations for its invasion of Ukraine. That word comes from a senior U.S. official on Thursday. The move clears the way for leaders to announce a $50 billion loan package for Kyiv at the Group of Seven summit in Italy. The highly anticipated agreement will leverage interest and income from the more than $260 billion in frozen Russian assets that are largely held in Europe, to secure a $50 billion loan from the U.S. and additional loans from other partners. The first disbursements will be made this year.