Ukraine receives first disbursement of UK funds under G7 loan, backed by proceeds from frozen Russian assets
Pravda Ukraine
Ukraine has received the first disbursement of funds from the UK under the G7 loan using proceeds from frozen Russian assets.
Source: Ukraine’s Prime Minister Denys Shmyhal on X (Twitter), as reported by European Pravda
Details: Shmyhal announced that Ukraine had received the first tranche of £752 million from the United Kingdom under the G7 loan, secured by proceeds from frozen Russian assets.
“The funds will go towards strengthening Ukraine’s defence capabilities. I am grateful to [UK Prime Minister] Keir Starmer, the UK Government and our G7 partners for the mechanism to make Russian money work for Ukraine. We expect all sovereign assets of the Russian Federation to be confiscated and transferred to benefit our country in the future,” he tweeted.
Background:
- In 2024, the G7 agreed to jointly provide Ukraine with a US$50 billion loan using proceeds derived from frozen Russian assets. The funds will be formally provided as a loan but repaid using these proceeds.
- This funding is separate from the EU’s Ukraine Facility, which took effect on 1 March 2024. The programme allocates up to €50 billion in grants and loans to support Ukraine’s recovery, rebuilding and modernisation from 2024 to 2027.
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