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UK to announce more than $300 million in aid at G7 summit

by Sonya Bandouil June 13, 2024 5:09 AM 2 min read
KYIV, UKRAINE - JANUARY 12: Prime Minister of the United Kingdom Rishi Sunak (L) and President of Ukraine Volodymyr Zelenskyi (R) sign an agreement about a security cooperation between the UK and Ukraine during a common briefing on January 12, 2024 in Kyiv, Ukraine. Rishi Sunak announced the largest military aid package for Ukraine from Great Britain. (Vitalii Nosach/Global Images Ukraine via Getty Images)
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British Prime Minister Rishi Sunak will announce 242 million pounds ($309 million) in aid to Ukraine at the G7 summit in Italy.

This funding aims to address urgent humanitarian and energy needs and support long-term socio-economic recovery and reconstruction in Ukraine.

Sunak will also prioritize working with international partners to utilize frozen Russian assets, valued at $285 billion in G7 jurisdictions, to provide aid.

Nikkei Asia reported on June 11 that the G7 will create a fund to support Ukraine using the income generated from frozen Russian assets.

The fund will reportedly be created under an international organization such as the World Bank, with contributions in the form of “Extraordinary Revenue Acceleration” (ERA) loans.

The U.K. has also introduced legislation to maintain sanctions on Russia until it compensates for the damage caused.

"We must be decisive and creative in our efforts to support Ukraine and end Putin's illegal war at this critical moment,” Sunak said. “The U.K remains at the forefront of the international response, as it has been from the start. We must move beyond ‘as long as it takes’ to ‘whatever it takes’ if we want to end this illegal war."

The government press service highlighted that the U.K. has provided nearly 12.7 billion pounds ($16.2 billion) in military, humanitarian, and economic aid to Ukraine so far.

US to sign bilateral security agreement with Ukraine at G7
The U.S. and Ukraine will sign a long-awaited bilateral security agreement on June 13 during the Group of Seven (G7) summit in Italy, U.S. National Security Adviser Jake Sullivan told the press on June 12.

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