The United Kingdom is providing Ukraine with a loan amounting to £2.26 billion, or around $3 billion, for defense purposes.
On March 1, Ukrainian Finance Minister Serhiy Marchenko and UK Chancellor of the Exchequer Rachel Reeves signed the relevant agreement, reports the Ministry of Finance of Ukraine.
The signing ceremony was held online, with Ukrainian President Volodymyr Zelensky and UK Prime Minister Keir Starmer in attendance.
The Ministry explained that the funds are part of the G7's Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism, totaling $50 billion.
"The loan will be serviced and repaid from future revenues generated from immobilized Russian sovereign assets," the statement reads.
The department emphasized that the funding is provided for a duration of 30 years, and the raised funds will be allocated for the procurement of defense materials according to Ukraine's needs.
The Ministry reminded that under the G7's Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism, Ukraine has already received $1 billion from the U.S. and €3 billion from the EU.
UK Support for Ukraine: Latest News
As previously reported by UNIAN, Ukrainian President Volodymyr Zelensky is visiting London on March 1, where he meets with Prime Minister Keir Starmer. It is noted that their discussions gained particular significance following Zelensky's "unsuccessful" meeting with U.S. President Donald Trump the day before.
Chancellor of the Exchequer Rachel Reeves also assured that her country will continue to support Kyiv in its fight against Russian aggression. She emphasized that London will collaborate with allies and partners worldwide and that the Ukrainian people can be confident that Britain is fully on their side.
Prime Minister Starmer has repeatedly stated that Britain is prepared to send troops and aircraft to ensure peace in Ukraine. "We must do what is right. We must secure peace. There can be no peace that rewards the aggressor. History must be on the side of the peacemaker, not the invader," he expressed.