The British commitment to the G7 group of advanced nations’ June pledge to lend Kyiv a total of $50 billion (£38.5 billion) for its military, budget, and reconstruction requirements has been elaborated by chancellor Rachel Reeves and defense secretary John Healey.
When the loan is finalized, the hundreds of billions of dollars’ worth of Russian sovereign assets that Western nations have blocked since the commencement of the full-scale war in February 2022 would be used to cover the entire amount, rather than expecting Ukraine to repay any money.
Compared to merely transferring the frozen Russian assets to the Ukrainian government, this method is thought to be a less risky option to make Vladimir Putin begin to pay for the harm his invasion has caused to Ukraine.
“We can help turn the tables on Putin’s war machine by using the money generated from these sanctioned Russian assets,” the defense secretary stated.
