The first GBP 752 million (about USD 1 billion) under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative from the UK, secured by revenues from frozen russian assets, has arrived in Ukraine.
Prime Minister Denys Shmyhal announced this on his Telegram channel, Ukrainian News Agency reports.
"Ukraine has received the first funds from the UK, secured by revenues from frozen russian assets. Today we received GBP 752 million under the G7 ERA initiative. We will use the funds to strengthen Ukraine's defense capabilities," he said.
Shmyhal thanked the UK government and G7 partners for the mechanism that forces russian funds to work for Ukraine.
He added that Ukraine expects that all sovereign assets of the aggressor country of russia will be confiscated and transferred to the benefit of our state in the future.
As Ukrainian News Agency earlier reported, Ukraine will receive GBP 2.26 billion (about USD 3 billion) as part of the G7 ERA initiative. The corresponding agreement was signed on March 1 by Ukrainian Finance Minister Serhii Marchenko and British Chancellor of the Exchequer Rachel Reeves.
The funds are part of the G7 ERA mechanism with a total volume of USD 50 billion. The loan will be serviced and repaid at the expense of future profits received from frozen russian sovereign assets.
As part of the ERA mechanism, Ukraine has already received USD 1 billion from the United States and EUR 3 billion from the EU.
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