UK grants Ukraine $3.2B Loan, backed by Russian assets

Shafaq News/ On Saturday, the UK announced that it had granted a loan of £2.6 billion (approximately $3.2 billion) to Ukraine to strengthen its defense capabilities.

Ukrainian Finance Minister Serhiy Marchenko and UK Treasury Secretary Rachel Reeves signed the loan agreement in a virtual ceremony during a meeting between UK Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelensky in London.

Marchenko called the agreement "another significant step in strengthening Ukraine's defense capabilities," adding, "Together with President Zelensky and Prime Minister Starmer, we have signed a £2.26 billion agreement for military needs. These funds are backed by frozen Russian assets. I thank the UK for holding the war aggressor accountable."

Earlier, Starmer reaffirmed the UK's full support for Ukraine. "You have the full support of the UK," he told Zelensky. "I hope you heard the cheers outside. The British people have come out to demonstrate their support for you and Ukraine."

Notably, the Ukrainian President had recently been involved in a tense exchange with President Donald Trump, following sharp criticism from the US President. The situation escalated during a confrontation, with Trump reportedly cutting the meeting short and asking Zelensky to leave the White House.