UK taps $1B from frozen Russian assets to bolster Ukraine under ERA scheme

Britain transferred 752 million pounds (about $1 billion) of frozen Russian assets to Ukraine as part of the G7’s Extraordinary Revenue Acceleration (ERA) initiative, with funds directed to Ukraine’s security and defense needs. This tranche is part of a broader ERA package totaling £2.26 billion ($3 billion) for Kyiv, funded by profits from frozen Russian assets under the G7’s $50 billion ERA loan program; since 2022, G7 nations have frozen roughly $300 billion in Russian sovereign assets.