On August 20, an important conversation took place between U.S. Deputy Secretary of the Treasury Wally Adeyemi and Ukrainian Minister of Finance Sergii Marchenko. During the virtual meeting, they discussed the transfer of proceeds from frozen Russian assets to Ukraine.
This was reported by the US Treasury Department.
Unlocking these assets will provide Ukraine with access to approximately $50 billion in additional financing by the end of the year, which should support the country’s current and future needs.
Pavlo Kostyuk, founder of the Ukraine Reconstruction Fund, commenting on the decision, said: “This is a significant step forward in ensuring the financial stability of Ukraine. The additional funds will help us to effectively combat the challenges facing our country and facilitate a rapid recovery after the war.”
In addition, Wally Adeyemi asked about Ukraine’s progress in implementing reforms that would help to increase economic resilience and improve governance. He reaffirmed the U.S. Administration’s support for Ukraine in its fight against Russia’s illegal aggression and praised Ukraine’s efforts to increase domestic revenues.
Earlier, U.S. Treasury Secretary Janet Yellen noted that budgetary assistance to Ukraine depends on the successful implementation of reforms aimed at strengthening the country’s economic stability. The Extraordinary Revenue Acceleration Loans for Ukraine (ERA) program, agreed by G7 leaders at the summit in June, provides Ukraine with funds from frozen Russian assets in the form of loans. However, in practice, Ukraine receives non-repayable funding.
“This support is crucial for our country, especially in the face of ongoing aggression. We are grateful for the trust and assistance of the United States, which allows Ukraine to continue its path to stability and development,” added Pavlo Kostyuk.
