UK and Russia's Frozen Assets Income Used for 4 Trillion Loan to Purchase Ukrainian Military Equipment

The UK has decided to loan ?2.3 billion (4.1 trillion won) to Ukraine for the purchase of military equipment using the proceeds from frozen Russian assets under sanctions.

On the 22nd (local time), according to Bloomberg and PA Media, the UK disclosed the implementation plan for the agreement made in June by the Group of Seven (G7) and the European Union (EU) to utilize income from frozen Russian assets to support Ukraine.

This fund can be used for air defense systems, artillery, and other military equipment.

Defense Secretary John Healey explained that the detailed allocation of the funds will be discussed in consultation with Ukraine.

However, he did not mention whether this fund could be used to purchase the UK’s long-range missile Storm Shadow.

Chancellor of the Exchequer Rachel Reeves said, "Since the frontline defending our democracy and shared values is in the trenches of Ukraine, this new support fund aligns with the UK’s national interest."