UK pledges £ 2.26 bn military loan for Ukraine, backed from frozen Russian assets proceeds
The $2.93 billion load is Britain's contribution to the G7's $50 billion support package.
The UK Government announced on 22 October a £2.26 billion ($2.93 billion) military loan to Ukraine, representing Britain’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans scheme.
Chancellor Rachel Reeves announced the funding alongside UK Defense Secretary John Healey during a visit to Ukrainian personnel training in the UK. The loan will be repaid using profits from frozen Russian sovereign assets.
The funding is specifically designated for military spending, allowing Ukraine to invest in critical equipment including air defense systems, artillery, and other support equipment. Healey emphasized the strategic use of sanctioned Russian assets:
“By using the money generated from these sanctioned Russian assets, we can help turn the tables on Putin’s war machine.”
The announcement adds to Britain’s existing military support, which includes the recent commitment to supply 650 Lightweight Multirole Missile systems to Ukraine. The UK has already provided approximately 400 different military capabilities to Ukraine and maintains a £3 billion annual military aid commitment.
Related:
- FT: $ 20 bn US pledge boosts G7’s $ 50 bn loan package for Ukraine
- The Guardian: UK suspects Russian spies behind DHL warehouse fire
- UK grants Ukraine £3.5 billion for British-made weapons procurement
- France converts € 300 million of frozen Russian assets into Caesar howitzers for Ukraine
- UK to speed up self-propelled howitzer deliveries to Ukraine
- WP: EU invests in Ukraine’s arms sector as Europe fails to meet supply needs
- Germany pledges €1.4 billion military aid package to Ukraine by year-end
- UK imposes new sanctions on Russian LNG sector
- No green light yet for Ukraine’s deep strikes, UK’s Starmer reports after White House meeting
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