Ukraine and Britain sign over £2 billion deal to strengthen Ukraineʼs defense capabilities

Ukraine and Britain have signed a loan agreement for £2.26 billion (approximately $3 billion) to strengthen Ukraineʼs defense capabilities.

This was reported by the Ministry of Finance of Ukraine.

The agreement was signed by Ukrainian Finance Minister Serhiy Marchenko and British Chancellor of the Exchequer Rachel Reeves. The ceremony was also attended by Ukrainian President Volodymyr Zelensky and British Prime Minister Keir Starmer.

These funds are part of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries, totaling $50 billion. They will be used to purchase weapons.

The loan was granted for 30 years. It will be repaid with future profits from frozen Russian assets.

"The UK continues to stand by Ukraineʼs defense. And todayʼs agreement, which helps strengthen Ukraineʼs defense capabilities, is a confirmation of this. I am grateful to the British Government for this support and personally to Rachel Reeves for the significant efforts that contributed to this agreement," the Minister of Finance of Ukraine emphasized.

• Thanks to the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries, Ukraine has already received $1 billion and €3 billion from the EU.
• A summit of European leaders, convened by the British Prime Minister, will be held in London on March 2. It will discuss security guarantees for Ukraine.

For more news and in-depth stories from Ukraine please follow us on X.