UK directs $2.76B from frozen Russian assets to aid Ukraine
The BBC reports that the British government will transfer $2.76 billion from frozen Russian assets to Kyiv. Defense Minister John Healey emphasizes that this action is "turning the proceeds of Putin's corrupt regime against him."
9:09 AM EDT, October 22, 2024
The BBC notes that the $2.76 billion for Ukraine represents the British contribution to the G7 fund, which aims to raise $46.45 billion for Kyiv. This money is intended to help Ukraine defend itself against the Russian invasion.
Chancellor of the Exchequer Rachel Reeves announced that the money will reach Ukraine as quickly as possible. "The funds will be transferred in the form of a loan, and the UK will recover costs from the profits of seized Russian assets," she stated.
The Chancellor adds that this initiative is not about the confiscation of sovereign Russian assets in Europe, but rather about utilizing the profits and interest. According to the BBC, other G7 countries are expected to make similar decisions in the coming weeks.
Ukraine will decide
The mentioned tens of billions of pounds will not reach Kyiv immediately, but in installments. According to the BBC, some G7 countries expect that not all the money will be spent on military efforts; there is also talk about the country's reconstruction.
Payments to Ukraine are anticipated to occur in stages, not all at once. Some countries wish for some funds to be designated for Ukraine's reconstruction. However, the British emphasize that the final decision on spending belongs to Kyiv, although Defense Secretary Healey mentions ammunition purchases and strengthening air defense.
The latest installment will be an addition to the already pledged $3.66 billion. To date, the British have provided Ukraine with $14.65 billion for military expenses.
