UK Announces £2 Billion War Loan for Ukraine

Published on October 22, 2024

Ukraine will receive a £2.26 billion loan for purchasing military equipment to defend itself in its war with Russia, the government has announced. The loan will be repaid to the UK using profits on sanctioned Russian sovereign overseas assets which were frozen after the invasion of eastern Ukraine in February 2022. The funds are the UK’s contribution to the G7 Extraordinary Revenue Acceleration Loans to Ukraine scheme, worth $50 billion (£38.52 billion). G7 leaders agreed that the money would be delivered to Kyiv for military, budget, and constructions needs at the summit in Apulia, Italy, in June. “Russia’s obligation under international law to pay for the damage it has caused to Ukraine is clear and this G7 agreement is an important step to ensuring this happens,” the Treasury said in a statement on Tuesday....

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