War: Ukraine receives $970m from UK covered by Russian assets

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Ukraine has received $970 million as the first part of the United Kingdom’s contribution to the G7 loan, which is backed by frozen Russian assets.

Prime Minister Denys Shmyhal shared this information in a post on X on Friday.

He mentioned that these funds will be used to strengthen Ukraine’s defense capabilities in the ongoing war with Russia.

“The funds will go towards strengthening Ukraine’s defense capabilities,” Shmyhal said.

“I am grateful to (British Prime Minister) Keir Starmer, the U.K. government and our G7 partners for the mechanism to make Russian money work for Ukraine.”

It’s worth noting that the UK had committed to lending Ukraine $2.9 billion in three equal installments as part of the G7’s Extraordinary Revenue Acceleration program, which totals $50 billion.

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