Britain will provide Ukraine with a £2.26 billion ($2.4 billion) loan to acquire more weapons systems , Defense Minister John Healey said on October 22.
The announcement comes as Kyiv's forces are battling a fierce Russian offensive in the east, while facing daily strikes on its cities and energy infrastructure. In the latest such strike, three people, including a child, were killed on October 22 in the southeastern Sumy region, which borders Russia, regional authorities reported. The sum Healey referred to is part of a larger $50 billion loan for Ukraine announced in June by the Group of Seven (G7) developed countries.
The loan is to be serviced by the revenues generated by Russian sovereign assets frozen in the West after the start of Moscow's unprovoked invasion of Ukraine in February 2022. The frozen Russian assets are estimated at some $300 billion. The loan is "earmarked as budgetary support for Ukraine’s military spending, enabling the Ukrainians to invest in key equipment to support their efforts against Russia, such as air defense, artillery, and wider equipment support," Healey said in a statement issued by the British government.
The loan is in addition to Britain's existing $3.9 billion annual military-aid program for Ukraine and comes on top of the $16 billion already committed by London in military, economic, and humanitarian support for Kyiv. Russia has said the use of its frozen assets is illegal and threatened retaliation.
Healey and U.K. Finance Minister .