UK provides Ukraine with over $2.9 billion from frozen Russian assets
UK Prime Minister Keir Starmer (photo: Getty Images)
The UK will provide Ukraine with a loan of £2.26 billion (approximately $2.93 billion). This loan will be repaid using revenue from frozen Russian assets, according to the UK government's website.
The loan from the UK is designated for budgetary support of Ukraine's military expenditures. It aims to help the country invest in key equipment to bolster its efforts in the war instigated by Russia, focusing on air defense, artillery, and broader equipment support.
Additionally, this funding is on top of the existing annual military aid of £3 billion from the UK to Ukraine.
The government emphasized that the new £2.26 billion is a contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme, which will provide $50 billion from G7 countries for Ukraine's military, budgetary, and recovery needs. They reiterated that the loan would be repaid from the profits derived from frozen Russian assets.
The UK is the first among G7 countries to launch such a mechanism.
Earlier in October, it was reported that the UK allocated £3.5 billion (approximately $4.5 billion) to Ukraine for the procurement of modern military equipment from British manufacturers.
Furthermore, it was reported yesterday that the US announced its 68th military aid package to Ukraine, amounting to $400 million, which includes weapons and military equipment.
