Ukraine has received 752 million pounds ($970 million) as the first installment of the U.K.'s contribution to the G7 loan covered by frozen Russian assets, Prime Minister Denys Shmyhal announced on March 7.
The U.K. has pledged to lend Ukraine 2.26 billion pounds ($2.9 billion) in three equal installments as part of the G7's Extraordinary Revenue Acceleration scheme, worth $50 billion in total.
"The funds will go towards strengthening Ukraine's defense capabilities," Shmyhal said on X.
"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."
At the onset of the full-scale war in 2022, the G7 countries immobilized some $300 billion in Russian sovereign assets. The $50 billion loan, shouldered mainly by the U.S. and the EU, will be funneled to Ukraine's defense needs and recovery and repaid by proceeds from the frozen assets.
"We expect all sovereign assets of the Russian Federation to be confiscated and transferred to benefit our country in the future," Shmyhal noted.
Tim Zadorozhnyy
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