403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
UK plans on weaponizing Ukraine with Russian money
(MENAFN) The United Kingdom is set to bolster Ukraine's defense efforts against Russia by providing a significant EUR2.26 billion (USD2.94 billion) loan, utilizing funds generated from frozen Russian assets. This announcement was made by Chancellor of the Exchequer Rachel Reeves and comes ahead of a meeting of G7 finance ministers scheduled during the International Monetary Fund (IMF) and World Bank meetings in Washington this week.
Reeves emphasized the importance of this funding, stating, “This new funding is in Britain’s national interest because the frontline of our defense – the defense of our democracy and shared values – is in the Ukrainian trenches.” This declaration underscores the UK’s commitment to supporting Ukraine amid ongoing geopolitical tensions.
In June, G7 nations had previously agreed on a broader USD50 billion loan package for Ukraine, intended to be sourced from the profits generated by frozen Russian assets. The financial contributions were expected to be distributed with the US and the EU each contributing USD20 billion, while the UK, Canada, and Japan would collectively cover the remaining amount. Earlier this month, the European Union ratified a contribution of up to EUR35 billion (USD38 billion) toward this G7 loan, although this amount may be adjusted depending on the US’s contribution.
As discussions progress, Ukraine's Western allies are working to accelerate negotiations surrounding this loan, aiming to finalize funding before the end of the year. Concerns have been raised about the future of US aid to Ukraine, especially in light of Donald Trump’s potential return to the White House. The Republican presidential nominee has publicly questioned the sustainability of continued financial support for Ukraine, which has added urgency to the current funding negotiations.
The UK’s commitment to using frozen Russian assets for Ukraine not only highlights its strategic approach to aiding a key ally but also reflects a broader effort among Western nations to ensure that financial support for Ukraine remains robust and timely, especially in a climate of political uncertainty.
Reeves emphasized the importance of this funding, stating, “This new funding is in Britain’s national interest because the frontline of our defense – the defense of our democracy and shared values – is in the Ukrainian trenches.” This declaration underscores the UK’s commitment to supporting Ukraine amid ongoing geopolitical tensions.
In June, G7 nations had previously agreed on a broader USD50 billion loan package for Ukraine, intended to be sourced from the profits generated by frozen Russian assets. The financial contributions were expected to be distributed with the US and the EU each contributing USD20 billion, while the UK, Canada, and Japan would collectively cover the remaining amount. Earlier this month, the European Union ratified a contribution of up to EUR35 billion (USD38 billion) toward this G7 loan, although this amount may be adjusted depending on the US’s contribution.
As discussions progress, Ukraine's Western allies are working to accelerate negotiations surrounding this loan, aiming to finalize funding before the end of the year. Concerns have been raised about the future of US aid to Ukraine, especially in light of Donald Trump’s potential return to the White House. The Republican presidential nominee has publicly questioned the sustainability of continued financial support for Ukraine, which has added urgency to the current funding negotiations.
The UK’s commitment to using frozen Russian assets for Ukraine not only highlights its strategic approach to aiding a key ally but also reflects a broader effort among Western nations to ensure that financial support for Ukraine remains robust and timely, especially in a climate of political uncertainty.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment