The United Kingdom signed an agreement with Kyiv on March 1 to provide Ukraine with a loan worth 2.26 billion pounds ($2.84 billion) backed by frozen Russian assets.

The loan, which is part of the Group of Seven‘s (G7) Extraordinary Revenue Acceleration (ERA) credit initiative, was signed amid President Volodymyr Zelensky‘s visit to London to meet with U.K. Prime Minister Keir Starmer.