Ukraine receives £2,600,000,000 worth of frozen Russian assets from the UK.
The United Kingdom’s £2.6 billion loan to Ukraine may help “turn the table” on Vladimir Putin’s war machine. The money represents the UK’s share of a £38.39 billion loan package that the G7 group of countries agreed to, which was financed by Russian assets that had been frozen.

The funds, which are in addition to the UK’s current £3 billion annual support for Ukraine, might be used to purchase artillery, air defence, or other military hardware. “Our support for Ukraine and her men and women in their fight for freedom from Putin’s aggression is unwavering and will remain so for as long as it takes,” stated Chancellor Rachel Reeves.

Because the front line of our defense—the protection of our democracy and our values—is in the Ukrainian trenches, this additional funding is in the best interests of the entire British people. The United Kingdom is safe and secure when Ukraine is safe and secure. The loan was approved in June by the G7 (the US, UK, Canada, Japan, France, Germany, and Italy) and the EU, utilising interest on Russian state funds that had been blocked due to sanctions.

The G7 decided to utilise the interest on more than £200 billion in immobilised money to help Kyiv’s resistance after the allies frozen Russian central bank assets held abroad immediately following Mr. Putin’s invasion of Ukraine in 2022. Within a few weeks, the UK government will enact new legislation to facilitate the quickest possible release of the additional cash to Ukraine.

“We can help turn the tables on Putin’s war machine by using the money generated from these sanctioned Russian assets,” stated Defence Secretary John Healey.The earnings from assets that have fuelled Putin’s aggression would be used to directly support Ukraine’s defence with this essential financing.