Britain Sends $971 Million to Ukraine Using Profits From Frozen Russian Funds

Ukraine has received its first payment from the United Kingdom under the G7 loan mechanism, which utilizes profits from frozen Russian assets, according to the Ukrainian Prime Minister Denys Shmyhal on March 7.

Shmyhal stated that the UK has sent $971 million (£752 million) to Ukraine, with the funds secured by income generated from seized Russian assets.

“The money will be directed toward strengthening Ukraine’s defense capabilities. I thank Keir Starmer, the UK government, and our G7 partners for a mechanism that forces Russian funds to work for Ukraine,” Shmyhal said.

He also expressed hope that all of Russia’s sovereign assets would eventually be confiscated and transferred to Ukraine in the future.

Earlier, reports emerged that France was considering the possibility of using frozen Russian assets to assist Ukraine.

French officials have privately discussed the idea of seizing the assets, which include around $217 billion (€200 billion) held by Brussels-based financial institution Euroclear. The conversation has also extended to their German counterparts, with the potential use of the assets to guarantee loans for Kyiv being explored.