President Volodymyr Zelenskyy of Ukraine listens during an event hosted by President Joe Biden on the Ukraine Compact at the 2024 North Atlantic Treaty Organization Summit in Washington, D.C., on Thursday, July 11, 2024. On Monday, Britain announced it was lending Ukraine nearly $3 billion to fund its war effort. File Photo by Chris Kleponis/UPI | License Photo
Britain on Monday announced it will lend Ukraine nearly $3 billion to be used on weapons and aid needed to repel the Russia’s invasion.
The $2.94 billion will come from profits earned off Russian assets frozen by British sanctions and represents Britain’s commitment to a larger G7 plan to loan Ukraine $50 billion, which Kyiv can use of its military, budget and reconstruction needs. It also comes on top of Britain’s nearly $3.9 billion per year military aid to the besieged ally. Advertisement
The announcement was made Monday by Chancellor Rachel Reeves and Defense Secretary John Healey as they were visiting Ukrainians soldiers training in Britain.
“Our support for Ukraine and her men and women in their fight for freedom from [Russian President Vladimir] Putin’s aggression is unwavering and will remain so for as long as it takes,” Reeves said in a statement.
“This new money is in Britain’s national interest because the frontline of our defense — the defense of our democracy and shared values — is in the Ukrainian trenches. A safe and secure Ukraine is a safe and secure United Kingdom.” Advertisement
The leaders of the G7 nations — Britain, France, Germany, Italy, Japan, the United States and the European Union — announced the Extraordinary Revenue Acceleration Loans to Ukraine in June with the goal of making $50 billion available to Kyiv by year’s end.
The scheme was to make the money available through leveraging revenues from assets frozen by the tens of thousands of sanctions targeting Russia and those accused of enabling its war.
Britain on Monday described the sanctions on Russia as “the largest and most severe package” ever imposed on a major economy, which has prevented Moscow from accessing more than $400 billion.
“By using the money generated from these sanctioned Russian assets, we can help turn the tables on Putin’s war machine. This urgent funding will directly support Ukraine’s defense using the proceeds from assets that had helped fuel Putin’s aggression,” Healey said.
