Ukraine will receive US$50 billion in loans, backed by frozen Russian assets, from Group of Seven allies, the White House said Wednesday. Distribution of the money will begin by year's end, according to American officials who said the United States is providing US$20 billion of the total.
Leaders of the wealthy democracies agreed earlier this year to engineer the mammoth loan to help Ukraine in its fight for survival after Russia's invasion. Interest earned on profits from Russia's frozen central bank assets would be used as collateral.
"To be clear, nothing like this has ever been done before," said Daleep Singh, the deputy national security adviser on international economics. "Never before has a multilateral coalition frozen the assets of an aggressor country and then harnessed the value of those assets to fund the defence of the aggrieved party all while respecting the rule of law and maintaining solidarity."
At a ceremony Wednesday in Washington, U.S. Treasury Secretary Janet Yellen and Ukraine's finance minister, Sergii Marchenko, planned to put in writing assurances that the U.S. loan will be paid for by the windfall proceeds of the immobilized Russian sovereign assets, not by American taxpayer dollars.
"Russia is paying for this support," Yellen said at a news conference Monday where she said the loan package was close to being finalized.
Singh said the Biden administration intends to divide the U.S. share of US$20 billion between aiding Ukraine's economy and military. It will require congressional action to send military aid, and Defence Secretary Lloyd Austin said that weapons and equipment being promised now can take weeks or months to get to Ukraine.
The additional US$30 billion will come from the European Union, the United Kingdom, Canada and Japan, among others.
The idea of using Russia's frozen assets to help Ukraine faced resistance at first from European officials who cited legal and financial stability concerns. The move gained momentum after more than a year of negotiations between finance officials and after U.S. President Joe Biden in April signed legislation that let the government seize the roughly US$5 billion in Russian state assets in the U.S.
The G7 announced in June that most of the loan would be backed by profits being earned on roughly US$260 billion in immobilized Russian assets. The vast majority of that money is held in EU nations.
The U.S. and its allies immediately froze whatever Russian central bank assets they had access to when Moscow invaded Ukraine in 2022.
The timing of the loan's disbursement has been called into question, coming about two weeks before the presidential election between Republican Donald Trump and Democrat Kamala Harris. The candidates have taken opposing views on the threat from Russia.
Defence Secretary Lloyd Austin dismissed suggestions that military aid to Ukraine approved by the Biden administration now could be negated by any new team in power.
"I think we're pretty sure that these materials will continue to flow," Austin said, adding that he is confident it all will be delivered "on the timeline that we've outlined."
The World Bank's latest damage assessment of Ukraine, released in February, estimates that costs for reconstruction and recovery of the nation stand at US$486 billion over the next 10 years.
----
Associated Press writer Lolita C. Baldor contributed to this report.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
The XEC strain, a hybrid of Omicron subvariants KS.1.1 and KP.3.3, was first detected in Canada in mid-August and the number of COVID-19 cases with the XEC variant has rapidly increased.
The Bank of Montreal says it has restored access to its website after an outage Wednesday.
Gisele Pelicot, the 72-year-old victim of mass rape whose ordeal has shocked the world, told a trial in southern France on Wednesday that she was determined that making her case public should help other women and change society.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
In part two of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5 uses trackers tp reveal a for-profit operation masquerading as a charity.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
Prime Minister Justin Trudeau's caucus is meeting this morning for its weekly gathering, this time with much higher stakes, as an evolving number of MPs is expected to confront the leader and ask him to step down.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Ellen Francis says she and her family were having a great time at one of Cuba's famously stunning beaches and exploring the popular tourist town of Varadero when the situation turned into something like a scary movie.
British Columbia's highest court has weighed in on a dispute over an inflatable hot tub a couple set up on their condo's patio – potentially bringing a close to the years-long conflict.
Donald Trump's longest-serving chief of staff is warning that the Republican presidential nominee meets the definition of a fascist and that while in office, Trump suggested that Nazi leader Adolf Hitler 'did some good things.'
A Polish radio station has triggered controversy after dismissing its journalists and relaunching this week with AI-generated 'presenters.'
French politicians are deeply divided over the fate of lawmaker Andy Kerbrat, caught last week buying synthetic drugs, and whether his breaking the law should push him to resign.
Ukraine will receive US$50 billion in loans, backed by frozen Russian assets, from Group of Seven allies, the White House said Wednesday. Distribution of the money will begin by year's end, according to American officials.
Turkiye's interior minister said an attack on the premises of the Turkish state-run aerospace and defense company TUSAS on Wednesday left a number of people dead or injured.
Three people were found dead Wednesday and four others were hospitalized after an 'unexplained' incident at a care home in southern England, police said.
Prime Minister Justin Trudeau's caucus is meeting this morning for its weekly gathering, this time with much higher stakes, as an evolving number of MPs is expected to confront the leader and ask him to step down.
Prime Minister Justin Trudeau says he doesn't think his leadership is in danger, one day before a highly anticipated Liberal caucus meeting where his future at the helm of the Liberal party is expected to be up for discussion.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
A day after after an E. coli outbreak tied to Quarter Pounders in the western part of the United States left one dead and 10 hospitalized, McDonald’s entered full damage-control mode.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
A massive space rock, estimated to be the size of four Mount Everests, slammed into Earth more than 3 billion years ago — and the impact could have been unexpectedly beneficial for the earliest forms of life on our planet, according to new research.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
The estimated population of North Atlantic right whales increased in 2023, but a group of international marine scientists say human behaviour still poses a significant threat to the critically endangered species.
Harvey Weinstein's retrial on sex crimes charges in Manhattan won't start until at least next year — and his lawyer plans to hire a private investigator to look into a new allegation against the movie mogul that will now be part of the case.
An initial toxicology report for ex-One Direction singer Liam Payne, who died last week after falling from a third-floor hotel balcony in Buenos Aires, showed that he had cocaine in his system after his death, an Argentine official said.
Taylor Swift fans from far and wide will head to Toronto next month to see the superstar perform a series of six sold out shows at the Rogers Centre.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Boeing reported a loss of more than US$6 billion in the third quarter and immediately turned its attention to union workers who will vote Wednesday whether to accept a company contract offer or continue their crippling strike, which has dragged on for nearly six weeks.
Although paper bags have not yet returned to LCBO stores, the province is now ordering the Crown corporation to switch suppliers to a company within Ontario.
A Manitoba company competed against the cream of the crop at the world's largest dairy expo and came out the big cheese.
A manufacturer in Saskatchewan is looking to set a new record by building the world's longest trampoline.
Summer might be the most popular season for tourism to Europe, but it hardly promises a calm, cool and collected experience.
Scottie Barnes and the Toronto Raptors kick off the new NBA season tonight as they host the Cleveland Cavaliers.
Goaltender Connor Hellebuyck, last season's Vezina Trophy winner, recorded 27 saves to spark the undefeated Winnipeg Jets to a 3-2 victory over the St. Louis Blues on Tuesday night.
Danton Heinen scored two of Vancouver's four first-period goals, and the Canucks beat the Chicago Blackhawks 6-3 on Tuesday night for their third straight win.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that – and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
A Moncton, N.B., home has been donated to the Friends of The Moncton Hospital Foundation and will be transformed into a resource hub for people living with cancer.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Ken Swain has a major mess on his hands.
Green Leader Sonia Furstenau is set to meet the media for the first time since British Columbia's indecisive election on Saturday, amid speculation about a possible minority government.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
The federal government says it can’t wait any longer for Ontario to end encampments in its cities and will offer money directly to municipalities, including Toronto, to fix the problem.
Although paper bags have not yet returned to LCBO stores, the province is now ordering the Crown corporation to switch suppliers to a company within Ontario.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
Police say a pedestrian died after she and another woman were hit by a vehicle in Okotoks on Wednesday night.
Ten things to do with friends or family this weekend.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Popular Kanata restaurant D'Arcy McGee's has suddenly closed its doors. In a post on Facebook Tuesday night, D'Arcy McGee's said, "We will sadly be closing our doors."
An Orléans property that once belonged to a religious order is now in the City of Ottawa's hands.
Montreal Mayor Valerie Plante will not be seeking reelection.
As the case of the Bedford school, where teachers created a climate of terror, has brought the debate on secularism to the fore, Quebec Solidaire (QS) is joining the Parti Québécois (PQ) in calling for an end to the funding of religious schools in the province.
The majority of optometrists in Quebec will withdraw from the public health-care insurance program (RAMQ) as of Nov. 22, meaning that patients covered by the public plan will have to pay for services.
The Carolina Hurricanes really turned the tide in the third period on Tuesday night.
Cool mornings and mild afternoons through the rest of this week in Edmonton and area.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
The Nova Scotia government says it plans to reduce the province's harmonized sales tax (HST) rate by one percentage point next year.
The Southwest Nova RCMP Major Crime Unit has taken over the investigation into a fatal shooting in Kingston, N.S.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
The Manitoba government is looking to add more liquor outlets inside food and grocery stores.
An armed man was restrained by customers after he attempted to rob a Winnipeg restaurant on Monday.
It's being hailed as a sizable cut to the Bank of Canada's interest rate and the largest since the central bank began slashing in the summer.
Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.
More residents in Saskatchewan say it’s time for a federal election to be called than in any other province, a new poll from the Angus Reid Institute shows.
Emergency crews battled a garage fire in west Regina on Tuesday evening.
Waterloo Regional Police are investigating a sudden death in Kitchener.
Employees at a grocery store in Cambridge had a surprising start to their morning as they walked in to work to find a fire.
Ontario Provincial Police are looking for a missing teenager from Goderich.
With the war in Ukraine still going on and Saskatchewan now home to hundreds of newcomers fleeing the attacks, there’s been a resurgence of a youth group here in Saskatoon.
Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.
A Saskatoon family is voicing concerns after paying twice as much PST as expected on a recently purchased truck.
Greater Sudbury has ended the employment of CAO Ed Archer, Mayor Paul Lefebvre announced suddenly Tuesday evening
The Bank of Montreal says it has restored access to its website after an outage Wednesday.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
A man is miraculously alive after driving his pickup truck through the fence and down a 150-foot embankment at Hawk Cliff in near Port Stanley, Ont.
Police said the house is believed to be empty and abandoned and it's not known yet if the driver of the truck is injured.
On Oct. 18, London police were contacted by Toronto Police Service requesting help to find a Toronto man wanted for multiple robbery and firearms related offences.
A 34-year-old motorcyclist has died following a collision in Barrie’s south end on Tuesday.
Provincial police were summoned to an address in Georgian Bluffs, 10 minutes west of Owen Sound, about a domestic assault.
Provincial police were summoned to Howdenvale Road in South Bruce Peninsula by a complaint about a possibly impaired driver Saturday.
A new mental health and addictions service inventory is launching for those looking for help with mental health and addition in Windsor and Essex County.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Windsor police are reminding the public about the fines and dangers of passing a stopped school bus.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Green Leader Sonia Furstenau is set to meet the media for the first time since British Columbia's indecisive election on Saturday, amid speculation about a possible minority government.
Mounties in British Columbia say a second person has been found dead after two vehicles ended up in a river on Vancouver Island when a road washed out amid torrential rains over the weekend.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
A proposed coal mine — not tourism — is critical in revitalizing southwestern Alberta communities along the edge of the Rockies, a group in favour of a controversial project maintains.
Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.
The health of honeybees will be the focus of a presentation at the University of Lethbridge on Wednesday evening.
The union representing the fire rangers with the Ministry of Natural Resources says money won’t fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
A Newfoundland scientist known for identifying a gelatinous, rancid mass that washed up on the island's shores decades ago is hoping to get his hands on a slice of the strange white globs appearing on the province's beaches.
The Shopping Trends team is independent of the journalists at Â鶹ӰÊÓ. We may earn a commission when you use our links to shop. Read about us.
