**UK Provides $2.84 Billion Loan to Ukraine**
The United Kingdom has signed a deal with Ukraine to provide a loan of 2.26 billion pounds ($2.84 billion). This loan is backed by frozen Russian assets and is part of the Group of Seven’s (G7) Extraordinary Revenue Acceleration (ERA) credit initiative.
**Loan to Strengthen Defense**
The loan will go towards purchasing defense equipment for Ukraine, according to a statement from the Finance Ministry. Ukrainian Finance Minister Serhii Marchenko said in a statement that “the United Kingdom continues to stand in defense of Ukraine” and that this agreement confirms that support.
**Part of Larger G7 Pledge**
This loan is part of a larger pledge by G7 countries to provide Ukraine with almost $50 billion. The U.S. will contribute the bulk of the loan, with $20 billion in assistance. European Union countries, including France, Germany, and Italy, will also provide funding.
**Frozen Russian Assets**
Western countries have frozen $300 billion in Russian assets, but can only access the annual income generated by these funds, approximately $3.2 billion. This income will back the $50-billion loan to Ukraine.
**Zelensky Visits London**
Ukrainian President Volodymyr Zelensky visited London to meet with UK Prime Minister Keir Starmer, where they signed a 100-year partnership agreement. The loan’s announcement and Zelensky’s visit come amid the fallout of a heated exchange in the White House between Zelensky and U.S. President Donald Trump.
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