Great Britain will direct $3 billion received under the ERA initiative to arming and repairing equipment for Ukraine’s needs. The Ministry of Defense of Ukraine, the Ministry of Strategic Industries and the Ministry of Defense of Great Britain signed a draft agreement on the use of surplus profits from frozen Russian assets within the framework of the Extraordinary Revenue Acceleration (ERA) program.
On the Ukrainian side, the document was signed by First Deputy Minister of Defense Serhii Boev and Deputy Minister of Strategic Industries Davyd Aloyan. On the British side, Major General Anna-Lee Riley, who heads the Office of Strategic Capabilities Engagement and Deployment at the UK Ministry of Defence.
“This funding has not only practical, but also fundamental value. Surplus profits from Russian assets are directed to strengthening Ukrainian defense – as a response to aggression and recognition of Ukraine’s right to defense”, – stressed the First Deputy Minister of Defense of Ukraine Serhii Boev.
According to the agreement, Ukraine will receive $3 billion in 2025-2026. These funds will be used for the purchase of foreign weapons, repair and maintenance of equipment, implementation of joint projects with international partners, and purchase of critical materials, including products of Ukrainian production.
“Ukrainian enterprises have the capacity of 35 billion dollars, but the shortage of funds does not allow them to be fully utilized. Therefore, the attraction of surplus profits from frozen Russian assets will be a significant boost for the production and repair capacities of the Ukrainian defense industry.”, – noted Deputy Minister for Strategic Industries of Ukraine Davyd Aloyan.
The ERA (Extraordinary Revenue Acceleration) program is an initiative of the G7 countries aimed at supporting Ukraine with revenues from frozen Russian assets. Its total amount is 50 billion dollars, part of which will be used to meet Ukraine’s defense needs.
