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President-elect Donald Trump may cancel the nearly $20 billion in loans allocated by Joe Biden’s administration, which are to be secured by profits from frozen Russian assets.
This was reported by The New York Times.
According to the publication, “in theory,” the president could achieve this by lifting sanctions on the frozen Russian assets intended to secure the loan repayment.
“However, Republicans are likely to oppose such a move, and this decision would not affect the European portion of the loan,” the newspaper notes.
The decision to allocate the loan was commented on by Elon Musk, a businessman close to Trump, on X (formerly Twitter). Musk described Biden’s actions as “utter madness.”
“How much have we sent already? This is becoming utter madness,” Musk posted, referencing news about the $50 billion aid package to Ukraine (the total G7 loan, of which the U.S. share is $20 billion).
Last week, Biden’s National Security Advisor Jake Sullivan mentioned the loan in a statement.
A few days earlier, Secretary of State Antony Blinken announced that Ukraine would receive $50 billion from frozen Russian assets in the coming weeks.
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