On March 1, Ukrainian Finance Minister Serhiy Marchenko and UK Chancellor of the Exchequer Rachel Reeves signed an agreement to provide Ukraine with 2.26 billion pounds sterling (about $3 billion). This was stated in a statement by the ministry.
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Details
The signing ceremony, which took place online, was attended by Ukrainian President Volodymyr Zelensky and British Prime Minister Keir Starmer.
The funds are part of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries, with a total volume of $50 billion.
The loan will be serviced and repaid from future income received from the immobilized Russian sovereign assets.
The financing is provided for 30 years. The funds raised will be used to finance the purchase of defense materials in accordance with the needs of the Ukrainian side.
“The UK continues to stand in defence of Ukraine. And today's agreement, which helps strengthen Ukraine's defence capabilities, is proof of that. I am grateful to the UK Government for this support and personally to Rachel Reeves for the significant efforts that contributed to this Agreement,” the Ukrainian Finance Minister stressed.
Let us recall
Within the framework of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries, Ukraine has already received $1 billion from the US and 3 billion euros from the EU.
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