Scholz said the G7 is finalizing work on allocating a $50B loan to Ukraine; the US has confirmed this information.

German Chancellor Olaf Scholz said that completing the work to provide the $50B loan agreed upon by the G7 countries is a clear signal to Putin regarding his long-term support for Ukraine.

In turn, US Treasury Secretary Janet Yellen confirmed that the US is almost ready to offer $20B as part of a broad credit program led by the G7 to assist Ukraine.

“We are 99% ready, and only a few relatively small issues are left to resolve. We are very close, and nothing major needs to be finalized,” she added.

Funding should arrive in Ukraine by the end of this year. Yellen emphasized that the funding will not be paid for by American taxpayers.

“In fact, Russia pays for supporting Ukraine,” she said.

The Minister of Finance of Germany, Christian Lindner, said that the loan’s final details can be agreed upon by the end of the week. The EU will allocate €18B, and the UK, Canada, and Japan should provide $10B.