UK to Loan Ukraine £2B from Frozen Russian Assets
The Facts
Britain is to loan Ukraine an additional £2.26B ($2.93B) in funds for its war-effort against Russia, it was announced on Tuesday. Ukraine, however, will not have to repay the loan — with repayment coming from interest on Russian assets seized by European banks earlier in the war.
The funds will make up Britain's contribution to a wider $50B loan — also using interest on Russian assets for repayment — agreed by G7 nations in June, and expected to be unveiled later this week.
The Spin
The purpose of this agreement is to give Ukraine the means and resources to continue fending off Russia's aggression, as well as to help it rebuild its country. Russia must have to pay for the damage it inflicted on Ukraine.
This is banditry and theft — pure and simple. The proposed step of using revenue from Russia's frozen assets to fund Ukraine in the conflict is yet another example of the degradation of how the EU is degrading its own standards and violating its commitments to international law.
