Ukraine will receive £2.26 billion under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative for defense needs. The agreement was signed by Ukrainian and British officials.
This was reported by the Ministry of Finance of Ukraine.
Finance Minister Serhiy Marchenko (via online format) and UK Chancellor of the Exchequer Rachel Reeves signed the agreement for Ukraine to receive £2.26 billion (over $2.8 billion) for defense.
The signing ceremony was attended by Ukrainian President Volodymyr Zelenskyy and UK Prime Minister Keir Starmer.
The funds are part of the G7 ERA mechanism, totaling $50 billion. The loan will be serviced and repaid using future profits generated from immobilized Russian sovereign assets.
"Serhiy Marchenko thanked the UK government for supporting Ukraine and personally expressed gratitude to Rachel Reeves for her significant efforts in facilitating the agreement," the ministry added.
Earlier today, UK Chancellor of the Exchequer Rachel Reeves stated that the UK continues to "fully support" Ukraine in its fight against the Russian invasion.
She also mentioned that the UK is committed to allocating £3 billion annually for as long as necessary to support Ukraine and announced that the first tranche of this funding would be unlocked within the next few days.
Reeves noted that a recently passed UK law allows the use of profits from frozen Russian assets to aid Ukraine.
Earlier today, on March 1, Starmer met with Ukrainian President Volodymyr Zelenskyy. During their meeting, he reaffirmed to Zelenskyy that he has "full support in the United Kingdom."
