UK to use Russian windfall profits for £2.26B Ukraine war loan – POLITICO

The U.K. has approved a £2.26 billion military loan for Ukraine using the profits from frozen Russian assets, the Treasury said Tuesday, promising legislation to get the money flowing to Kyiv in the next few weeks.

In the summer, the leaders of G7 countries agreed to cream off the profits from around $280 billion in Russian sovereign assets that have been frozen since the country launched an all-out war on Ukraine in February 2022.

A total package of $50 billion would then be raised for Kyiv through the so-called Extraordinary Revenue Acceleration Loans for Ukraine (ERA) scheme, aimed at bolstering support to the war torn country and helping it pay for arms.