Official G7 announcements or press releases

UK and EU Approve Loans to Ukraine Using Frozen Russian Assets under G7's $50 Billion Plan

Oct 22, 2024, 08:14 AM

The United Kingdom will provide Ukraine with a £2.26 billion ($2.93 billion) loan to support the country's defense efforts against Russia's invasion. The loan, which will be repaid using profits generated from frozen Russian assets, is part of a broader $50 billion G7 support package agreed upon in June to assist Ukraine with military aid, reconstruction, and purchasing military equipment. The UK's contribution marks it as the first G7 country to commit funds under this initiative and brings the total UK support for Ukraine to £12.8 billion since the war began. In addition, the European Parliament has approved a loan of up to €35 billion for Ukraine, also to be repaid using revenues from frozen Russian assets. The approval passed with 518 votes in favor, 56 against, and 61 abstentions. The funds will begin to be disbursed this year, with the full amount expected to be paid out by the end of 2025. This financial aid represents the EU's contribution to the G7 package and is intended to strengthen Ukraine's defense against Russia's aggression and support its economic stability. These initiatives represent a concerted effort by Western nations to support Ukraine while imposing financial constraints on Russia by redirecting proceeds from seized Russian assets.