Ministry of Finance: Ukraine to receive GBP 2.26 billion under G7 ERA initiative

On 1 March, Ukraine’s Finance Minister Sergii Marchenko and UK’s Chancellor of the Exchequer Rachel Reeves signed an agreement to provide Ukraine with GBP 2.26 billion (around USD 3 billion).

The signing ceremony, which was held online, was attended by President of Ukraine Volodymyr Zelenskyy and Prime Minister of the United Kingdom Keir Starmer.

The funds are part of the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism worth USD 50 billion.

The loan will be serviced and repaid from future revenues received from immobilised russian sovereign assets. The financing is provided for 30 years, and the attracted funds will be directed on purchasing defence equipment according to Ukraine’s needs.

“The United Kingdom continues to stand in defence of Ukraine. Today’s agreement, which contributes to strengthening Ukraine’s defence capabilities, confirms this. I am grateful to the UK Government for this support and personally to Rachel Reeves for her significant efforts that made this agreement possible,” emphasised Ukraine’s Finance Minister.

Additional information

Under the G7 ERA mechanism, Ukraine has already received USD 1 billion from the US and EUR 3 billion from the EU.