UK Ready to Support Ukraine with $500m Loan
The United Kingdom (UK) Foreign Ministry announced on Wednesday that London was ready to offer Ukraine a 500 million dollars loan to support Kiev and help “mitigate economic effects of Russian aggression.”
This is contained in a statement by Foreign Secretary Liz Truss.
“We are putting our money where our mouth is and using Britain’s economic expertise and strength to support the people of Ukraine.
“These guarantees can help inject vital capital into Ukraine and help its economy weather the storm of Russian aggression,” Truss said.
The guarantees of Multilateral Development Bank lending will support economic stability and vital reforms such as tackling corruption.
The offer comes on top of increased support for military equipment from the UK Ministry of defence and enhanced support to the humanitarian system in Ukraine.
EU Set to Impose First Round of Sanctions on Russia
Elsewhere, the European Union’s first round of sanctions on Russia is expected to take effect Wednesday, according to a same-day Reuters report citing an EU diplomat.
The sanctions blacklisted all members of Russia’s lower house of parliament who voted to recognize two breakaway regions in Ukraine, preventing them from travelling to the EU and freezing any assets they have in the bloc.
Russia’s acknowledgement of the separatist enclaves in eastern Ukraine has heightened fears of a major war in the region.
Further, banks that are involved in financing separatist activities will be targeted, and the two enclaves will be removed from the free-trade deal between Ukraine and the EU, the news outlet added.
# UK Ready to Support Ukraine with $500m Loan
Read: EU to Ban Trading Russian State Bonds, Blacklist Officials
