Britain will allocate $3 billion for weapons and repair of equipment for Ukraine from frozen Russian assets.

Ukraine will receive $3 billion for defense needs from Great Britain

The Ministry of Defense of Ukraine, the Ministry of Strategic Industries, and the Ministry of Defense of Great Britain have signed a project agreement regarding the use of excess profits from frozen Russian assets. The deal worth $3 billion is planned for 2025-2026. This information was provided by the Ministry of Defense of Ukraine.

According to the agreement, the funds will be directed towards the procurement of defense products, repair of military equipment, implementation of joint projects, and procurement of materials produced in Ukraine. The Deputy Minister for Strategic Industries of Ukraine, David Aloyan, noted that Ukrainian enterprises have potential amounting to $35 billion, but lack funds for its full utilization.

“Therefore, attracting excess profits from frozen Russian assets will significantly strengthen the production and repair capacities of the Ukrainian defense industry”

The ERA initiative is a joint program of G7 countries aimed at supporting Ukraine. It involves the use of profits from frozen Russian assets to repay loans provided to Ukraine by G7 countries. The total amount of the program is $50 billion, part of which will be allocated for defense needs.

The recently completed loan program of €150 billion for rearming Europe may become a significant breakthrough in military support for Ukraine from the European Union, believes former Prime Minister of Lithuania, Andrius Kubilius.