Blinken announced the final stage of $50 billion allocation to Kiev at the expense of Russian assets

TheUnited States and its allies are in the final stage of the process of allocating $50 billion to Ukraine from frozen Russian assets, US Secretary of State Anthony Blinken said in Italy on November 26 following a meeting of the G7 countries.

"We are finalizing the process to direct $50 billion secured by frozen Russian sovereign assets to support Ukraine," he said at a press conference broadcast on the department's YouTube channel.

He expressed the opinion that further actions can be expected from the G7 side.

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In June, the G7 countries promised in the final statement of the summit in Puglia, Italy, that they would provide Ukraine with loans worth about $50 billion by the end of 2024, with repayment through revenues from Russian assets. In late October, the G7 leaders reached an agreement on the details of the loan. Reuters reported that at a meeting on November 26 in Italy, the foreign ministers of the G7 states said again that they expect to start distributing the funds by the end of the year.

Kremlin spokesman Dmitry Peskov, commenting on the possible transfer of proceeds from immobilized Russian assets to Ukraine, emphasized back in August that these steps were illegal and would have consequences.

Western countries have stepped up military and financial support for Kiev amid Russia's special operation to protect Donbass, which was announced by Russian President Vladimir Putin on February 24, 2022, after the situation in the region worsened due to shelling by the Ukrainian military. The EU soon approved the decision to freeze the assets of the Russian Central Bank.