Secretary Yellen delivers remarks ahead of a signing ceremony with Sergii Marchenko

e e e e good afternoon since the moment that Russia invaded Ukraine the United States has worked with our partners and allies around the world to stand strong against Putin's aggression as Russia continues its brutal and unjust War mortgaging its future and economy to move to a permanent War footing Putin is engaged in a contest of Wills with our Coalition and he's counting on us to retreat today alongside my Ukrainian friend and colleague Minister marchenko I want to be clear that we will not Retreat and that we will do everything we can to support Ukraine in a decisive sign of that resolve and our solidarity with Ukraine I'm very glad to announce another step forward the G7 is committed to making $50 billion in lending available to Ukraine by the end of this year and the United States will join the G7 to provide a$2 billion loan to Ukraine that will not be repaid by proceed that that will be repaid by proceeds derived from Russia's own assets this means that as we look ahead Russia will increasingly be forced to Bear the costs of its illegal War instead of taxpayers in the US and Europe to Mark Our intention to enter into this loan and to demonstrate our commitment that profits earned on Russia's immobilized assets not new us or Ukrainian tax dollars will be the source of repayment Minister marchenko and I are here today to sign a joint statement I'm glad that we are also joined by Deputy Administrator of us Aid Michelle zilis as us Aid helped make this step possible and will be critical to implementation support ing Ukraine is important in its own right to equip a sovereign Democratic country with the tools it needs to protect its people from unspeakable brutality and its economy from Devastation we're fulfilling a moral obligation but let me be clear supporting Ukraine is also vital for the national interest of the United States letting Ukraine fall would invite further aggression by Putin and jeopardize the safety of our NATO allies in Europe who are committed by who we are committed by treaty to defend supporting Ukraine also sends a broader unmistakable message Wars of choice launched by autocrats across the world will be met with the Swift and United response and supporting Ukraine is essential to upholding the rules-based international order that is supported peace and prosperity for America and the world since the end of World War II for all these reasons we continue to provide Ukraine with weapons and financial support to sustain its Brave resistance we imposed and continued to expand and enforce an historic sanctions regime to deprive Russia of the funds and goods it needs to prosecute its war of choice we put in place a awul price cap on Russian oil that restricted Russia's revenues while keeping Global energy markets well supplied we also immobilized approximately $280 billion of Russian Sovereign assets held in in financial institutions across G7 countries and agreed that they would remain mobilized until Russia pays for the damage it's caused in June President Biden and G sien leaders proposed a creative solution a loan that would equip Ukraine with the near-term resources to defend itself and rebuild repaid by C capturing windfall proceeds earned on Russia's immobilized assets this loan initiative will provide Ukraine with urgently needed funds and will make a fund and will make funds available by the end of this year it will send a message to Putin that waiting out our Coalition is a losing strategy and it will advance our collective security and the values that have supported our global economy and financial system for nearly a century let me congratulate my G7 counterparts on the progress we've made the United States will continue to move forward to make good on our commitments and show Putin that we will not back down Mr Mara Madame secretary ladies and gentlemen of course for us it's a tremendous um decision which you made it's a significant uh support you provide for Ukraine we believe that U it should uh be clear for all aggressors which eager to invade Democratic countries that next day they should pay for this and now it's proven facts that we can use proceed from the Russian assets to restore Ukraine economy to help us to finance a social human Arian expenses and it's a definitely great step towards next decision for seizure of Russian asses and I hope that it will be uh and it sooner be and help us again to prove that a democratic V inste support of Ukraine and will help us to mobilize all efforts if you're talking about your definite intentions it's a was idea we generated in the United States which help help to create necessary Coalition of countries and I am very grateful you Madame secretary for your involvement your support it was uh Ono debate starting the beginning of this year it wasn't easy solution I know that uh a lot of uh um a lot of discussions were on the on the scene and it's not now we can speak about the breakdown of this support and I hope that we will be able to use this money starting from the beginning of 2025 and it help us tremendously because it create necessary condition for to be confident that at least for next year and I hope for 2026 2027 we have en able to use part of money from proceeds from frozen astion assets and we don't want to use taxpayers money from the United States we want Russia pay for for aggressor thank you very much for that thank you so much she so than you