UK Government Allocates £2.26bn in Support for Ukraine from Seized Russian Assets

The UK government has announced an additional £2.26 billion ($2.93 billion) to support Ukraine, funded by profits from seized Russian assets held in Europe. This funding is part of a broader £38 billion ($50 billion) initiative pledged by G7 nations to bolster Ukraine’s military capabilities amid the ongoing conflict. Defence Secretary John Healey emphasized the importance of this contribution, stating it would enable Ukraine to enhance its frontline military equipment and serve as a means of countering the effects of Russian aggression.

Chancellor Rachel Reeves confirmed that the funds will be provided as a loan, with the UK recouping costs through the earnings and interest from the seized assets, all within the appropriate legal framework. While the UK will not be confiscating sovereign Russian assets outright, this approach aims to provide timely financial support to Ukraine. The payments are expected to be disbursed in tranches, allowing Ukraine to allocate funds according to its immediate needs, including potential contributions to its reconstruction efforts.

The UK’s commitment to Ukraine’s defense comes on the heels of over £12 billion already provided in military aid, with assurances of continued support in the future. Both Healey and Reeves, in a joint appearance, reiterated the UK’s unwavering support for Ukraine, which will endure “for as long as it takes.” This announcement precedes the government’s upcoming budget, where discussions on public service spending, including defense, are anticipated.

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