Ukraine will receive £2.26 billion under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative for defense needs. The Ukrainian and British sides have signed a corresponding agreement.
Points of attention
- Ukraine has signed an agreement with Britain to receive over $2.8 billion for defense needs under the G7 ERA initiative.
- The funds will be part of the $50 billion G7 ERA mechanism and will be used to service a loan to support Ukraine's defense.
- British Chancellor of the Exchequer called for continued support for Ukraine in the fight against Russian invasion, allocating significant financial resources.
Ukraine will receive over $2.8 billion from Britain
Finance Minister Serhiy Marchenko (in online format) and British Chancellor of the Exchequer Rachel Reeves signed an agreement on Ukraine receiving 2.26 billion pounds sterling (over 2.8 billion dollars) for defense.
The ceremony was attended by Ukrainian President Volodymyr Zelensky and British Prime Minister Keir Starmer.
It is known that the funds are part of the G7 ERA mechanism with a total volume of 50 billion US dollars. The loan will be serviced and repaid with the help of future profits received from immobilized Russian sovereign assets.
Serhiy Marchenko thanked the British government for its support for Ukraine and personally Rachel Reeves for the significant efforts that contributed to the signing of the agreement.
Note that earlier today, Reeves reported that Britain continues to "fully support" Ukraine in its fight against Russian invasion.
At the same time, she recalled that her country had pledged to allocate 3 billion pounds per year, as much as needed to support Ukraine, and announced that the first tranche of this funding would be released within the next few days.
Reeves noted that a law was recently passed in Britain that allows the use of profits from frozen Russian assets to aid Ukraine.
