### US Nears Completion of $20 Billion Ukraine Loan Contribution

Treasury Secretary Janet Yellen announced on Tuesday that the United States is on the verge of finalizing a $20 billion contribution to a larger loan package for Ukraine. Yellen emphasized that only minor details remain to be settled, indicating that they are "99 percent there" in securing the deal.

The $50 billion loan package, which has been under discussion since the G7 meeting in June, is designed to support Ukraine's ongoing war effort. The package is a collaborative effort among the US and its allies. According to Yellen, the objective is to finalize the funding for Ukraine by the year's end.

The initiative aims to provide stable, long-term financial support for Ukraine, reducing the risk of political changes affecting aid. With skepticism from former President Donald Trump and many Republicans regarding further US assistance to Ukraine, the loan package seeks to ensure that the funding remains secure regardless of the outcome of the upcoming US presidential election.

The European Parliament also progressed on Tuesday by approving a contribution of approximately $38 billion to the loan. Meanwhile, the UK has committed around $3 billion. These contributions are expected to adjust with the inclusion of the US allocation.

One significant concern has been that the bulk of the frozen Russian assets, which will generate the income to pay back the loan, are located in Europe. The Biden administration has been negotiating with the European Union for stronger commitments to keep these assets frozen. Currently, EU sanctions require a unanimous vote every six months to renew the freeze on these assets. Given the stance of Hungary's Prime Minister Viktor Orbán, a Trump ally who is sympathetic to Russia, changes to the EU sanctions regime have stalled.

Despite these challenges, Yellen expressed confidence that the $20 billion US contribution will be locked in and secure. "We have a high degree of confidence that the money will be there and will remain locked down," she stated. Yellen also noted that the asset freeze is a key part of a broader sanctions strategy, making it "inconceivable" for any EU member to lift the freeze while Russia’s invasion of Ukraine continues.

In conclusion, Yellen assured that the financial commitment would be serviced by the revenue from the frozen Russian assets, ensuring that US taxpayers would not bear the burden. "The assurances are already there," she concluded, expressing optimism about the security and sustainability of the loan package.