International

Rishi Sunak Announces $309M Aid for Ukraine at G7 Summit

British Prime Minister Rishi Sunak will announce aid of 242 million pounds sterling ($309 million) for Ukraine at the G7 summit in Italy, reports The Kyiv Independent.

This funding aims to address urgent humanitarian and energy needs and to support socio-economic recovery and long-term reconstruction in Ukraine.

Sunak will also prioritise collaboration with international partners to utilise frozen Russian assets, valued at $285 billion in G7 jurisdictions, to offer aid.

Nikkei Asia reported on June 11 that the G7 will create a fund to support Ukraine using revenues generated from frozen Russian assets.

It appears that the fund will be created within an international organisation, such as the World Bank, with contributions in the form of "Extraordinary Revenue Acceleration" (ERA) loans.

Additionally, the United Kingdom has introduced legislation to maintain sanctions against Russia until it compensates for the damages caused.

"We must be decisive and creative in our efforts to support Ukraine and to end Putin's illegal war at this critical moment," stated Sunak. "Britain remains at the forefront of the international response, as it has been from the beginning. We must move from 'how long it takes' to 'whatever it takes' if we want to end this illegal war."

The government's press service emphasised that Britain has provided nearly 12.7 billion pounds sterling ($16.2 billion) in military, humanitarian, and economic aid to Ukraine to date.

Translation by Iurie Tataru

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