{"id":1593,"date":"2024-10-22T10:15:59","date_gmt":"2024-10-22T04:45:59","guid":{"rendered":"https:\/\/ainews.prativad.com\/index.php\/uk-to-arm-ukraine-with-russian-money\/"},"modified":"2024-10-22T10:15:59","modified_gmt":"2024-10-22T04:45:59","slug":"uk-to-arm-ukraine-with-russian-money","status":"publish","type":"post","link":"https:\/\/ainews.prativad.com\/index.php\/uk-to-arm-ukraine-with-russian-money\/","title":{"rendered":"UK to arm Ukraine with Russian money"},"content":{"rendered":"
<\/div>

London plans to lend Kiev some $3 billion, to be repaid using interest generated from Moscow\u2019s frozen assets<\/strong><\/p>\n

The UK will provide Ukraine with a \u00a32.26 billion ($2.94 billion) loan for its war effort against Russia as part of a broader G7 lending program, according to Chancellor of the Exchequer Rachel Reeves.<\/p>\n

The announcement comes ahead of the gathering of G7 finance ministers during the International Monetary Fund (IMF) and World Bank meetings in Washington this week. Downing Street will contribute \u00a32.26 billion to the G7 loan, as stated by the British finance minister on Monday.<\/p>\n

\u201cThis new funding is in Britain\u2019s national interest because the frontline of our defense \u2013 the defense of our democracy and shared values \u2013 is in the Ukrainian trenches,\u201d<\/em> Reeves said.<\/p>\n

In June, G7 countries agreed to a $50 billion loan for Ukraine, sourced from windfall profits from Russian funds. Initially, the US and the EU were expected to contribute $20 billion each, while the UK, Canada, and Japan would cover the remainder. Earlier this month, the EU ratified up to \u20ac35 billion ($38 billion) towards the G7 loan but may contribute less if the US provides the full $20 billion, according to Reuters.<\/p>\n

Read more<\/strong><\/span><\/p>\n

US to pay $20 billion into loan for Ukraine \u2013 FT<\/a><\/p>\n

Kiev’s Western sponsors are attempting to expedite negotiations over the loan to secure funding before year-end, amid concerns that Donald Trump could cut US aid to Ukraine if he wins the election, Financial Times reported last week. The Republican nominee has consistently expressed skepticism about continued funding for Ukraine.<\/p>\n

The loan will be repaid using profits from an estimated \u20ac300 billion in assets frozen in Western financial institutions since the onset of the conflict in 2022, which Moscow has denounced as \u201ctheft.\u201d<\/em> Nearly \u20ac197 billion ($214 billion) of these funds are immobilized by Belgian clearinghouse Euroclear. The assets generated \u20ac3.4 billion in interest in the first half of 2024, as reported by the financial institution in July.<\/p>\n

Read more<\/strong><\/span><\/p>\n

UK debt level jumps to 60-year high \u2013 data<\/a><\/p>\n

Despite pressure from the US, the IMF has thus far opposed the total confiscation of the frozen Russian assets due to concerns it could undermine confidence in the Western financial system.<\/p>\n

\u201cWhat we\u2019re not doing is confiscating these assets to fund this loan,\u201d <\/em>Reeves said on Monday. \u201cWe\u2019re utilizing the extraordinary profits from the assets, and that\u2019s how we\u2019re confident we can do this within the appropriate legal frameworks.\u201d<\/em><\/p>\n

Moscow has repeatedly stressed that the \u201ctheft\u201d<\/em> of its sovereign assets held in Western financial institutions undermines global trust in the entire Western financial system.<\/p>","protected":false},"excerpt":{"rendered":"

The UK will lend Ukraine \u00a32.26 billion to support its war against Russia, Chancellor of the Exchequer Rachel Reeves announced. Read Full Article at RT.com<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"yoast_head":"\nUK to arm Ukraine with Russian money - Leading the AI News Frontier<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ainews.prativad.com\/index.php\/uk-to-arm-ukraine-with-russian-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK to arm Ukraine with Russian money - Leading the AI News Frontier\" \/>\n<meta property=\"og:description\" content=\"The UK will lend Ukraine \u00a32.26 billion to support its war against Russia, Chancellor of the Exchequer Rachel Reeves announced. 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