UK announces money transfer to Ukraine linked to sanctioned Russian assets

The UK will provide Ukraine with £2.26 billion ($2.93 billion) as part of a loan from the Group of Seven (G7) leading industrialised nations, the government said in a statement.

Britain lends Ukraine $2.93 billion from frozen Russian assets. (Source: Newsweek)

“The UK announces a £2.26bn loan to Ukraine backed by profits from sanctioned Russian sovereign assets. This amount is London’s contribution to the G7 loan,” the statement said.

After Russia began its military campaign in Ukraine (February 2022), the European Union (EU) and the G7 countries froze nearly half of Moscow's foreign exchange reserves, about 300 billion Euros.

More than €200 billion is held in the EU, mainly in Belgium's Euroclear, one of the world's largest payment and clearing systems. This is expected to generate between €2.5 billion and €3.5 billion in profits a year.

The G7 has previously agreed to provide Ukraine with a $50 billion loan, which will be repaid with interest on frozen Russian assets in the West.

Source: https://baoquocte.vn/anh-cong-bo-khoan-tien-sap-gui-toi-ukraine-co-lien-quan-den-tai-san-nga-bi-trung-phat-290949.html