2 months ago 20

UK to Give Ukraine $2.93 Billion as Part of G7 Loan Secured by Russian Frozen Assets

MOSCOW (Sputnik) - London will provide Kiev with £2.26 billion ($2.93 billion) as part of a G7 loan, to be repaid using income from frozen Russian assets, according to a statement issued by the British government.

"UK announces £2.26 billion loan to Ukraine backed by profits from sanctioned Russian sovereign assets," the statement said. The money is London's contribution to the G7 loan, the government added.

After the start of the Russian military operation in Ukraine, the EU and G7 countries froze almost half of Russia's foreign exchange reserves, approximately 300 billion euros. More than 200 billion euros are in the EU, mainly in the accounts of the Belgium's Euroclear, one of the world's largest clearing and settlement systems. Earlier, the G7 agreed to provide Ukraine with a $50 billion loan, which will be reimbursed by interest on frozen Russian assets in the West.

The Russian Foreign Ministry called the freezing of Russian assets in Europe a theft, noting that the EU was targeting not just the funds of individuals, but also the state assets of Russia. Russian Foreign Minister Sergey Lavrov stated that Russia would respond in the event of the confiscation of frozen Russian assets in the West. According to Lavrov, Russia also has the opportunity not to return the funds that Western countries held in Russia.