Kyiv – Ukraine has received £752 million (€895 million) from the United Kingdom as the first tranche of funds derived from frozen Russian assets. The money will be used to strengthen Ukraine’s defence capabilities as part of the G7’s Effort to Reallocate Russian Assets (ERA) initiative. Prime Minister Denys Shmyhal confirmed the transfer on Friday, announcing the development through Telegram.
Shmyhal expressed gratitude to the British government and G7 partners for implementing the mechanism that redirects Russian funds to support Ukraine. He stated that this step demonstrates a commitment to making Russian assets serve Ukraine’s interests. He also reaffirmed Ukraine’s expectation that all sovereign Russian assets will eventually be confiscated and transferred for the country’s benefit.
The move aligns with broader efforts by Ukraine and its allies to hold Russia accountable for its ongoing war. Other G7 nations are discussing similar strategies to utilise frozen Russian assets to support Ukraine’s military and economic stability. France has recently proposed using these assets as a guarantee for Ukraine’s security, further reinforcing international efforts to ensure financial and military backing for Kyiv.
| Key Details | Information |
|---|---|
| Amount Received | £752 million (€895 million) |
| Source | Frozen Russian assets |
| Initiative | G7 ERA (Effort to Reallocate Russian Assets) |
| Purpose | Strengthening Ukraine’s defence |
| Country Providing Funds | United Kingdom |
| Ukraine’s Expectation | Full confiscation of Russian assets in the future |
| France’s Proposal | Use Russian assets as a guarantee for Ukraine’s security |
