Ukraine secures $971.56m boost from frozen Russian assets.
Ukraine received $971.56 million from the United Kingdom through the G7 ERA (Extraordinary Revenue Acceleration) initiative. Prime Minister Denys Shmyhal announced that revenues from frozen Russian assets guarantee this amount.
Prime Minister Denys Shmyhal expressed gratitude to the UK government and partners from the G7 group for creating a mechanism that allows the transfer of Russian financial resources to Ukraine.
"We expect all sovereign assets of the Russian Federation to be confiscated and transferred to benefit our country in the future," emphasized Shmyhal.
Russian money for Ukraine
President of Ukraine Volodymyr Zelensky announced that on March 1, Kyiv and London signed an agreement for a loan to strengthen Ukraine's defense capabilities. This loan, amounting to $2.92 billion, will be repaid with revenues from frozen Russian assets.
Following the Russian invasion, the European Union, G7 countries, and Australia froze Russian assets, estimated at approximately $300 billion, with a significant portion of Belgium's Euroclear deposit.
On Wednesday, parliamentarians from 17 European countries called on King Philippe of Belgium to seize frozen Russian assets and transfer them to Ukraine. Lawmakers emphasized that international law recognizes the possibility of seizing the aggressor's assets to compensate conflict victims for their losses.
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