Whitehouse Applauds Announcement of $50 Billion Loan for Ukraine Backed by Russian Sovereign Assets

Whitehouse's bipartisan REPO for Ukrainians Act prompted this use of frozen Russian sovereign assets to assist Ukraine's reconstruction

Washington, DC - U.S. Senator Sheldon Whitehouse (D-RI), a leading Senate champion for Ukrainian victory against Russia's brutal and illegal invasion, cheered the announcement by the Biden-Harris administration and the United States' Group of Seven (G7) allies of a $50 billion loan to Ukraine, to be repaid with funds generated by Russia's frozen sovereign assets. The United States will contribute $20 billion of the $50 billion loan, from Russia's proceeds, at no cost to taxpayers.

The loan was made possible by Senators Whitehouse and Jim Risch's (R-ID) bipartisan REPO for Ukrainians Act that passed into law in April 2024. The law allows frozen sovereign assets of the Russian Federation to be used, including through seizure, for rebuilding Ukraine. This announcement leaves open the future seizure of roughly $300 billion in Russian assets.

"I'm thrilled by the historic action taken by the Biden-Harris administration and our G7 partners to leverage the hundreds of billions of dollars of frozen Russian sovereign assets to send $50 billion to Ukraine. Repurposing the Putin regime's frozen funds to fund this loan will ensure Ukraine has the resources to defend and rebuild itself. I encourage President Biden and our allies to quickly disburse these proceeds, and then negotiate to seize and transfer to Ukraine the underlying $300 billion in Russian sovereign assets," said Whitehouse.

"This announcement would not have been possible without our bipartisan REPO for Ukrainians Act, which we fought hard to steer into law, and I'm grateful to all the cosponsors for their steadfast partnership," continued Whitehouse.

Whitehouse is one of the leading champions in the Senate for Ukrainian victory. Shortly after the Russian invasion in 2022, Whitehouse partnered with Senators Lindsey Graham (R-SC) and Richard Blumenthal (D-CT) to establish the informal Ukraine Victory Caucus, and engaged in a colloquy on the Senate floor focused on the need for the U.S. and its allies to recognize that Ukrainian victory was possible.

Whitehouse and Senator Lindsey Graham's (R-SC) bipartisan, bicameral Asset Seizure for Ukraine Reconstruction Act, which was included in the Senate's FY2025 National Defense Authorization Act, would aid Ukraine by allowing the U.S. government to more quickly seize and transfer private assets owned by sanctioned Russian oligarchs and others that aid the Russian government in violation of U.S. laws. The measure would also clarify that the U.S. government can transfer to Ukraine all the funds it acquires through seizure of Russian oligarch assets. In late 2022, Whitehouse and Graham passed bipartisan legislation into law to allow for the first time the transfer of seized assets of Russian President Vladimir Putin and his corrupt oligarchs to help pay for the reconstruction of Ukraine.