Ukraine secures $1.26B from frozen Russian assets via UK deal
Prime Minister Denys Shmyhal announced that Ukraine received CAD 1.26 billion from the United Kingdom under the G7 ERA (Extraordinary Revenue Acceleration) initiative. This amount is guaranteed by revenues from frozen Russian assets.
Prime Minister Denys Shmyhal expressed gratitude to the UK government and G7 partners for creating a mechanism for transferring 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
Ukraine's President Volodymyr Zelensky announced that on March 1, Kyiv and London signed a CAD 3.78 billion loan agreement to strengthen Ukraine's defence capabilities. The loan will be repaid with revenues from frozen Russian assets.
The European Union, G7 countries, and Australia froze this country's assets, valued at approximately CAD 384 billion, after the start of the Russian invasion. Most of these assets are held in the Euroclear deposit in Belgium.
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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