The United Kingdom will contribute nearly $3 billion as part of a joint loan from the G7 countries for Ukraine, totaling $50 billion, which will be repaid using revenues from Russian assets.
According to "European Truth," the announcement was made by the press service of the UK government.
The UK's contribution will amount to £2.26 billion, or $2.94 billion, and the loan will be backed by income from frozen Russian assets.
The official announcement was made by Chancellor of the Exchequer Rachel Reeves alongside Defense Secretary John Healey during a visit to Ukrainian troops undergoing training in Britain.
The British loan is provided as budget support for Ukraine's defense expenditures, enabling it to invest in necessary weapons. The funds from the G7 loan are in addition to a previous commitment by the UK to provide £3 billion in military assistance to Ukraine over the year, which was confirmed by the new Prime Minister Keir Starmer following the transfer of power to the Labour Party.
The communiqué reminded that the UK has delivered approximately 400 different types of weapons to Ukraine. Recently, the UK announced the provision of 650 Light Multi-Role Missiles (LMM) to enhance air defense.
"These new funds are provided in the national interest of Britain, because the defense of our security, the defense of our democracy, and our shared values is happening in the trenches in Ukraine. A secure and safe Ukraine will mean security and safety for Britain," stated Minister Reeves.
In the coming weeks, the UK is expected to introduce domestic legislation to facilitate the rapid provision of these funds.
According to recent media reports, the US is prepared to provide Ukraine with up to $20 billion as part of the G7 loan, which will be repaid using profits from frozen Russian assets. Until recently, it was expected that Washington's contribution would be less than originally planned, as the EU failed to implement a safeguard ensuring that Russian assets would remain frozen for at least three years.
Earlier in October, the EU approved its contribution of up to €35 billion to the G7 loan but did not overcome Hungary's resistance regarding the safeguard against the unexpected unfreezing of Russian assets.