UK transfers GBP 752 mln to Ukraine under ERA initiative – Shmyhal

The UK has transferred the second tranche of GBP 752 million (EUR 873 million) to Ukraine as part of the G7 Extraordinary Revenue Acceleration (ERA) initiative, Prime Minister Denys Shmyhal announced.

"These funds, secured by income from frozen Russian assets, will be used to strengthen Ukraine's defense capability," the prime minister wrote on Telegram.

Shmyhal specified that the first tranche for the same amount was received by Ukraine in March; in total, the UK will pay Ukraine GBP 2.26 billion (EUR 2.62 billion) within the framework of this mechanism.

"I am grateful to the UK government and our partners from the G7 for their clear and consistent position – Russian funds must work for Ukraine. Together with our partners, we are carrying out systematic work to ensure that all Russian funds are confiscated and transferred to our state," Shmyhal emphasized.

As reported, in early April the European Union transferred EUR 1 billion to Ukraine within the framework of the ERA initiative.