Japan plans to provide Ukraine with a $3.3 billion loan as part of a $50 billion financial support package from the Group of Seven (G7) countries. The loan will be repaid with interest on frozen Russian assets in response to Russia's aggression against Ukraine.
The decision to provide the loan was made after the G7 summit in Italy in June. As part of this financing package, the United States and the European Union have pledged $20 billion each, while Japan, the United Kingdom and Canada will contribute the remaining $10 billion. The initiative is aimed at being implemented by the end of this year.
It is worth noting that France, Germany, and Italy may not join this loan project, as the EU is already implementing a similar support program.
G7 finance ministers and central bank governors will discuss the issue with their G20 counterparts at an upcoming meeting in Rio de Janeiro. The agreement comes amid concerns about a possible decline in support for Ukraine from allies, particularly in the context of growing “Ukraine fatigue.”.
Japan and visa regime
In addition to financial support, Japan has also simplified the visa regime for Ukrainian citizens since June 24, which aims to promote cultural exchange, commercial relations, and support for Ukraine's recovery.
