UK Amb. Pierce to Newsmax: Ukraine Will Put $50B Loan to 'Good Use'

Karen Pierce, British Ambassador to the United States, said Ukraine will put the $50 billion loan agreed on this week by U.S. and European countries to "very good use."

Pierce, appearing on Newsmax's "Wake Up America," said the move is "a very key step" and one that "the U.S. and the U.K. have been pressing for a while."

"We have all immobilized what are called Russian sovereign assets," she said. "This is not about taking those assets themselves. This is about using the money they generate, the income, the interest they generate, and making that into a loan for Ukraine. But the amount is significant, as you say, $50 billion. It will come incrementally to Ukraine. Ukraine will be able to put it to very good use in stabilizing its economy and being able to buy more weapons, advanced weapons, so they can push [Russian] President [Vladimir] Putin back."

At the Group of Seven summit in Italy this week, U.S. and European countries agreed to lock up sanctioned Russian assets until Moscow pays reparations for invading Ukraine.

The heads of G7 countries agreed to leverage the interest and income from more than $260 billion in frozen Russian assets to secure a $50 billion loan from the U.S., as well as additional loans from other partners.

Asked to speculate how other world leaders see President Joe Biden, Pierce said "there's enormous respect around the world for the U.S. president."

"There's enormous respect, in my view," she said. "I've served in America four times. Enormous respect for what America represents on the world stage. People welcome American leadership. They look to America to be a champion of democracy, of our democratic values, and they know that, thanks to America's generosity, there has been an implicit security and prosperity degree standing behind the West ever since the end of the second World War, to be honest. And we really welcome that American leadership."

Asked the same question about former President Donald Trump, Pierce reiterated her view that "the world respects American presidents."

"The world would like to, if I may, see even more American leadership on the world stage," she said. "The world recognizes that America is a beacon for democracy and, certainly from the U.K.'s point of view, we welcome American leadership. We see our role as to help enable that on the world stage, to help problem solve, put our shoulders to the wheel, stand by America and to burden share."

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