The ERA Loans initiative is a historic G7-wide commitment, announced by G7 leaders at the Leaders’ Summit in June 2024, to extend $50 billion of loans (from Canada, the EU, Japan, the UK and the US) to Ukraine that will be repaid using the profits from immobilised Russian sovereign assets in the EU.
This bilateral UK/Ukraine loan delivers the UK’s part of that commitment.
UK Chancellor Rachel Reeves and Ukraine’s Finance Minister Sergii Marchenko signed the UK’s loan in No. 11 Downing Street in the presence of UK Prime Minister Sir Keir Starmer and Ukrainian President Volodymyr Zelensky on 1 March. The first disbursement of £752m under the loan was made by HM Treasury to Ukraine on 6 March.
Partner Emma Clarke commented, “We are delighted to have advised the UK Government on this historic and crucial transaction, which underpins the UK’s commitment to supporting Ukraine following the Russian invasion.”
The Hogan Lovells core team was led by partner Emma Clarke supported by senior associate Ed Wallis (both Infrastructure, Energy, Resources, and Projects). Partner Nathan Searle supported on the International Arbitration aspects.
