US, G7 allies 'very close' to finalizing $50 billion Ukraine loan, Yellen says

FILE PHOTO: Treasury Secretary Janet Yellen speaks at the Council on Foreign Relations in New York City, U.S., October 17, 2024. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that G7 and European Union allies are "very close" to finalizing a $50 billion loan to Ukraine backed by frozen Russian assets, with an expected U.S. contribution of about $20 billion.

Yellen told a news conference at the start of International Monetary Fund and World Bank annual meetings that she has a high degree of confidence that the Russian sovereign assets, mostly held in Europe, will remain immobilized despite the continued need for EU renewal of the freeze every six months.