UK to provide Ukraine with $2.9 billion military loan, to be repaid wi

Details: Written by: Kateryna Denisova; 22.Oct; Hits: 7

London will provide Ukraine with a loan worth £2.26 billion ($2.9 billion) backed by profits from frozen Russian assets, the U.K. government announced on Oct. 22.The funds are the U.K.'s contribution to the Group of Seven (G7)'s initiative to provide Kyiv with a $50 billion loan by the end of the year, which will be repaid using interest from billions in frozen Russian assets.The U.K.

The Kyiv Independent

The Kyiv Independent is Ukraine’s fastest-growing English-language media outlet, created in November 2021, just three months before the full-scale Russian invasion of Ukraine.

Serve as the bridge between Ukraine and the world, delivering reliable news, context, and on-the-ground reporting.

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's loan will be allocated to Ukraine's military spendings. Kyiv will be able to invest in key equipment to fight Russia, such as artillery, air defense, and wider equipment support, the statement read."This new money is in Britain’s national interest because the front line of our defense — the defense of our democracy and shared values — is in the Ukrainian trenches," said Rachel Reeves, U.K. chancellor of the exchequer. "A safe and secure Ukraine is a safe and secure United Kingdom."British Defense Minister John Healey said the money could be used to help Kyiv develop long-range drones capable of travelling further than some missiles.The aid comes on top of the UK's existing 3 billion pounds ($3.9 billion) a year assistance for Ukraine.European countries hold roughly two-thirds of the $300 billion Russian sovereign assets immobilized after the outbreak of the full-scale war.

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https://kyivindependent.com/uk-to-provide-ukraine-with-2-9-billion-loan-from-frozen-russian-assets/

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