Yesterday at 20:02
Ukraine has received the first disbursement of funds from the United Kingdom under a G7 loan using proceeds from Russia’s frozen assets.
Prime Minister of Ukraine Denys Shmyhal reported about it in X (Twitter).
Shmyhal said that Ukraine has received the first funds from the United Kingdom under the G7 loan, secured by the proceeds of frozen Russian assets – 752 million pounds.
“The funds will be used to strengthen Ukraine’s defense capabilities. I am grateful to Keir Starmer, the UK government and our G7 partners for the mechanism that makes Russian funds work for Ukraine. We expect that all sovereign assets of the Russian Federation will be confiscated in the future and transferred to our country,” the Prime Minister said.
As a reminder, in 2024, the G7 agreed to jointly provide Ukraine with a $50 billion loan from Russian assets: the funds will be provided formally as a loan, but will be repaid from the proceeds of frozen Russian assets.
These are separate funds from those provided under the EU’s Ukraine Facility program, which came into effect on March 1, 2024. It provides up to €50 billion in stable financing in the form of grants and loans to support the recovery, reconstruction and modernization of Ukraine for the period from 2024 to 2027.
