Secretary Janet Yellen (Archived)

I am deeply grateful to President Biden, the U.S. Treasury @SecYellen, and the bipartisan support of Congress for the disbursement of $20 billion under the G7 Extraordinary Revenue Acceleration for Ukraine initiative. This critical support, funded by immobilized Russian assets, will strengthen Ukraine’s defense and help protect our sovereignty and people against unprovoked aggression. This decision is a powerful act of justice. By utilizing Russia’s assets to support Ukraine, the G7 is holding the aggressor accountable. This sends a clear and resolute message: Russia must pay for its brutal war, Putin’s regime must face the consequences of its violations of international law, war crimes, and assault on democracy. Supporting Ukraine is not only about standing with one nation; it’s about ensuring security in Europe and delivering a powerful lesson to any would-be aggressor: accountability for acts of war is inevitable.

With the historic decision of @POTUS to provide Ukraine a $20B loan backed by interest earned on immobilized Russian sovereign assets, our strategic partners have taken a significant step towards supporting Ukraine’s fight for freedom and holding Russia accountable. We must win this fight. It’s only fair that Russia pays for its aggression and the destruction it has caused in Ukraine. I’m deeply grateful to @POTUS, @SecYellen, and everyone who worked on the ERA loan for their leadership and tremendous work to make this happen after the G7 leaders’ decision. I also want to thank the US Congress for passing the bipartisan REPO for Ukrainians Act, which sent a clear statement that Russian sovereign assets frozen should be confiscated and provided to Ukraine. Thank you to the American people for standing with the people of Ukraine as we continue to defend our homes, our freedom, and democracy for all who share the same values.