Ukraine has received the first tranche from the UK amounting £752 million under the G7 ERA initiative

Ukraine has received the first tranche from the United Kingdom amounting GBP 752 million (nearly USD 1 billion) under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative. 

The funds will be directed towards strengthening Ukraine's defense capabilities.

On March 1, Ukraine's Finance Minister Sergii Marchenko and the UK's Chancellor of the Exchequer Rachel Reeves signed an agreement to provide Ukraine with GBP 2.26 billion (around USD 3 billion) for defense needs.

The funds are part of the G7 ERA mechanism worth USD 50 billion.

The loan will be serviced and repaid from future revenues received from immobilized russian sovereign assets.

The financing is provided for 30 years.