Ukraine has received $970 million as the first installment of the United Kingdom’s contribution to the G7 loan backed by frozen Russian assets. The announcement was made by Ukrainian Prime Minister Denys Shmyhal in a post on X (formerly Twitter) on Friday.
Shmyhal stated that the funds will be used to strengthen Ukraine’s defense capabilities as the country continues its ongoing war with Russia.
“The funds will go towards strengthening Ukraine’s defense capabilities,” Shmyhal said. “I am grateful to (British Prime Minister) Keir Starmer, the U.K. government, and our G7 partners for the mechanism to make Russian money work for Ukraine.”
The UK had previously pledged to lend Ukraine $2.9 billion in three equal installments as part of the G7’s Extraordinary Revenue Acceleration (ERA) scheme, which is worth $50 billion in total. This initiative aims to utilize frozen Russian assets to provide financial support to Ukraine in its efforts to defend itself against Russian aggression.
DAILY MENTOR reports that the G7’s ERA scheme represents a significant step in international efforts to support Ukraine while holding Russia accountable for its actions. The use of frozen Russian assets to fund Ukraine’s defense underscores the global community’s commitment to aiding the country in its struggle for sovereignty and security.
The disbursement of the first installment marks a crucial milestone in the implementation of the G7’s financial support plan. As Ukraine continues to face intense military pressure from Russia, the funds are expected to play a vital role in bolstering the country’s defense infrastructure and capabilities.
The international community remains united in its support for Ukraine, with the G7’s ERA scheme serving as a key mechanism to ensure that Russian assets are repurposed to aid Ukraine’s resilience and recovery.