Ukraine secures €894 million aid from frozen Russian assets.
Prime Minister Denys Shmyhal announced that Ukraine has received €894 million from the United Kingdom under the G7 ERA (Extraordinary Revenue Acceleration) initiative. Revenues from frozen Russian assets back this amount.
Prime Minister Denys Shmyhal expressed his 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," Shmyhal emphasised.
Russian money for Ukraine
The President of Ukraine, Volodymyr Zelensky, announced that on 1 March at 12:00 GMT, Kyiv and London signed an agreement for a loan to enhance Ukraine's defence capabilities. This loan, amounting to €2.69 billion, will be repaid using revenues from frozen Russian assets.
After the Russian invasion began, the European Union, G7 countries, and Australia froze Russian assets estimated at approximately €292 billion, most of which are held in the Euroclear deposit in Belgium.
On Wednesday at 12:00 GMT, parliamentarians from 17 European countries urged King Philippe of Belgium to seize frozen Russian assets and transfer them to Ukraine. Legislators stressed that international law acknowledges the possibility of seizing the assets of the aggressor to compensate conflict victims for their losses.
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