Representatives of the governments of Ukraine and Great Britain signed a project agreement on the use of excess profits from frozen Russian assets - Ukraine will receive 3 billion dollars over the next 1.5 years.
UNN reports with reference to the press service of the Ministry of Defense.
Details
Great Britain will direct the frozen funds of the Russian Federation within the framework of the ERA initiative for the armament and repair of equipment for Ukraine. A project agreement was signed on the use of excess profits from Russian assets within the framework of the Extraordinary Revenue Acceleration (ERA) initiative. The Ministry of Defense of Ukraine, the Ministry of Strategic Industries and the Ministry of Defense of Great Britain took part in the agreement.
According to the agreement, Ukraine will receive 3 billion dollars in 2025–2026.
Where will the funds be directed?
Funding should go in the following directions:
- procurement of defense products of foreign production;
- repair and maintenance of military equipment;
- implementation of joint projects with the participation of Ukrainian and international defense companies;
- purchase of other critical materials, including products of Ukrainian production.
Reference
The ERA (Extraordinary Revenue Acceleration) initiative is a joint program of the G7 countries aimed at supporting Ukraine.
The program is based on the use of profits from frozen Russian assets to repay loans that the G7 countries provide to Ukraine. The total amount of the program is 50 billion dollars, while part of this amount should be used to ensure defense needs.
Let us remind you
Ukraine received 1 billion euros from the EU under the ERA program, which is financed by income from immobilized Russian assets.