Ukraine Gets $3B From Putin's Funds Held by NATO Ally

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Source: Newsweek

Published Oct 23, 2024 at 5:01 AM EDT


Ukraine will receive a $3 billion loan from the United Kingdom to purchase military equipment, paid for by the profits generated from frozen Russian assets.

G7 members collectively froze about $280 billion of Russian central bank assets in response to Putin's invasion of Ukraine. The vast majority of funds are in Europe and are expected to generate about $3-5 billion in profits a year.

According to a release by the U.K. government, the new money for Ukraine will be used to bolster equipment on the front line.The funding is part of a $50 billion package announced by G7 nations and the European Union.

The plan includes contributions of around $20 billion each from the E.U. and the U.S., with Canada, Japan, and the U.K. making up the rest. The Chancellor Rachel Reeves made the announcement alongside Defense Secretary John Healey while visiting Ukrainian personnel who are being trained in the U.K.

Read more: https://www.newsweek.com/ukraine-loan-uk-putin-russian-assets-sanctions-1972827