UK to divert $2.76 billion from frozen Russian assets to Kyiv

The BBC notes that $2.76 billion for Ukraine is the British contribution to the G7 fund, which aims to raise about $46.45 billion for Kyiv. This money is intended to help Ukraine defend itself against the Russian invasion.

Chancellor of the Exchequer Rachel Reeves announces that the money will reach Ukraine as quickly as possible. "The funds will be transferred in the form of a loan—and the UK will recover costs from the profits of seized Russian assets," it states.

The Chancellor adds that this is not about the confiscation of sovereign Russian assets in Europe, but about profits and interest. According to the BBC, other G7 countries will make similar decisions in the coming weeks.

The mentioned tens of billions of dollars will not reach Kyiv immediately, but in installments. According to the BBC, some G7 countries expect that not all the money will be spent on war efforts. There is also talk about the country's reconstruction.

Payments to Ukraine are expected to be made in installments, not all at once. Some countries want part of the money to be allocated for the reconstruction of Ukraine. However, the British emphasize that the final say on spending still belongs to Kyiv, although Defence Secretary Healey mentions ammunition purchases and strengthening air defence.

The latest installment will be an addition to the already pledged $3.66 billion. So far, the British have provided Ukraine with $14.65 billion for military expenses.