UK transfers almost $1 billion to Ukraine under G7 loan covered by Russian assets

The U.K. transferred 752 million pounds ($990 million) to Ukraine on April 14 under a G7 loan covered by Russian assets to buy air defense and artillery, the British government announced.

The U.K. has pledged to lend Ukraine 2.26 billion pounds ($2.9 billion) in three equal installments as part of the G7’s Extraordinary Revenue Acceleration scheme, worth $50 billion in total.

This installment is the second one. Ukraine received the first part of the loan from the U.K. on March 6, 2025. The final part will be paid in 2026.

“The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine,” British Finance Minister Rachel Reeves said.

At the onset of the full-scale war in 2022, the G7 countries immobilized some $300 billion in Russian sovereign assets. The $50 billion loan, shouldered mainly by the U.S. and the EU, will be funneled to Ukraine’s defense needs and recovery and repaid by proceeds from the frozen assets.

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The Kyiv IndependentFrancis Farrell