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UK pledges £ 2.26 bn military loan for Ukraine, backed from frozen Russian assets proceeds

The $2.93 billion loan is Britain’s contribution to the G7’s $50 billion support package.
byYuri Zoria
22/10/2024
2 minute read
UK Chancellor of the Exchequer Rachel Reeves and Defense Secretary John Healey. Photo: gov.uk
UK pledges £ 2.26 bn military loan for Ukraine, backed from frozen Russian assets proceeds

The UK Government announced on 22 October a £2.26 billion ($2.93 billion) military loan to Ukraine, representing Britain’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans scheme.

The loan comes as part of the G7’s broader $50 billion support package, repaid with windfall revenues from immobilized Russian assets, that was announced in June 2024. The UK Government plans to introduce domestic legislation in the coming weeks to expedite the fund transfer.

Chancellor Rachel Reeves announced the funding alongside UK Defense Secretary John Healey during a visit to Ukrainian personnel training in the UK. The loan will be repaid using profits from frozen Russian sovereign assets.

The funding is specifically designated for military spending, allowing Ukraine to invest in critical equipment including air defense systems, artillery, and other support equipment. Healey emphasized the strategic use of sanctioned Russian assets:

“By using the money generated from these sanctioned Russian assets, we can help turn the tables on Putin’s war machine.”

The announcement adds to Britain’s existing military support, which includes the recent commitment to supply 650 Lightweight Multirole Missile systems to Ukraine. The UK has already provided approximately 400 different military capabilities to Ukraine and maintains a £3 billion annual military aid commitment.

The UK has previously committed £12.8 billion in combined military, humanitarian, and economic support to Ukraine. Under Operation INTERFLEX, more than 45,000 Ukrainian personnel have received training in the UK, with the program extended through at least the end of 2025.

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