As part of a joint plan of the Group of Seven (G7) countries, the World Bank may be involved in providing Ukraine with a loan secured by proceeds from frozen Russian assets, the Financial Times (FT) has reported, citing sources.
According to the FT, the World Bank is expected to play a role in providing Ukraine with a loan secured by the proceeds from Russia’s frozen assets to pay “part of the loan package” for the United States’ share in the total amount of the G7 countries, which could amount to $50bn.
The newspaper pointed out that so far the association is discussing some technical details of this decision. The EU countries cannot guarantee that the current sanctions against Russia, at the expense of which the Group of Seven countries receive income from assets, will always be in force. Therefore, it is necessary to determine where the funds will come from to cover the loan in case of cancellation of restrictions or other unforeseen circumstances.
In addition, it is unclear how much of the total amount each of the G7 countries will shoulder. Some officials involved in the discussions favour allocating shares according to the GDP of the countries. Others propose to divide the amount based on the volume of frozen assets, which are located in one or another country.
Earlier, Russian President Vladimir Putin called the Western ideas of the new world order hypocrisy. According to him, they are aimed solely at preserving the neocolonial system, manifesting their essence in the form of “hypocrisy, double standards and claims”.