Great Britain will provide Ukraine with a loan of 2.26 billion pounds sterling (about $2.93 billion). It will be extinguished at the expense of income from frozen Russian assets.
This is stated on the website of the British government.
This $2.9 billion is Britainʼs contribution to the G7 ("Big Seven") initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with the proceeds from Russiaʼs frozen assets.
The funds are intended for budgetary support of Ukraineʼs military expenses. They will be invested in air defense, in artillery and for wider technical support. The loan is additional aid to Ukraine to the £3 billion per year announced by British Prime Minister Keir Starmer at the beginning of his tenure.
Great Britain has already provided Ukraine with about 400 units of various military equipment. Recently, the Defense Secretary John Gealey declared that London will provide Ukraine with 650 light multi-purpose missile systems to strengthen air defense.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash. In June 2024, the "Big Seven" countries agreed to provide Ukraine with a $50 billion loan by the end of the year, which will be repaid with profits from Russian assets.
Ukraine has already received several tranches of aid from the EU proceeds from frozen Russian assets. On October 9, the European Union agreed to provide Ukraine with a €35 billion loan. It is planned that the funds will become available to Ukraine by the end of 2024, and the loan will be repaid within a maximum of 45 years.
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