Ukraine secures £752 million from UK in G7 initiative using frozen Russian assets
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Ukraine has received the first tranche of funds from the United Kingdom under the G7 initiative, backed by revenues from frozen Russian assets, Ukrainian Prime Minister Denys Shmyhal announced. "Today, we received £752 million as part of the G7 ERA initiative. These funds will be directed towards strengthening Ukraine's defense capabilities," he stated on his Telegram channel on Friday, March 7.
Shmyhal expressed gratitude to the UK government and G7 partners for creating a mechanism that makes Russian funds work for Ukraine. "We hope all of Russia's sovereign assets will be confiscated in the future and transferred to our country," he added.
The funds provided by London are part of the Extraordinary Revenue Acceleration for Ukraine (ERA) program, under which G7 countries will offer Ukraine loans totaling $50 billion, secured by profits from frozen assets of the Russian Central Bank in the West.
On March 1, the UK and Ukraine signed an agreement for a £2.26 billion loan (€2.74 billion), which is intended to finance Ukraine's military purchases to defend against Russian aggression. The loan will be repaid using profits derived from sanctioned Russian sovereign assets.
Vyacheslav Volodin, the Speaker of Russia's State Duma, deemed the UK's transfer of Russian-owned funds to Ukraine a flagrant violation of international law. "They will have to return to Russia what they are now so generously distributing," Volodin's statement from the State Duma's press service highlighted.
He added that Russia now has every reason to respond in kind and confiscate British property in the country.
War in Ukraine, UK
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