In a move to solidify support for Ukraine, the UK has extended a £2.26 billion loan to bolster the nation's defence capabilities. This agreement, signed by Chancellor Rachel Reeves and Ukrainian Finance Minister Sergii Marchenko, will be repaid using profits generated from frozen Russian sovereign assets. The first tranche of this significant funding is expected to reach Ukraine next week.
UK Prime Minister Keir Starmer reaffirmed Britain's "unwavering support" for Ukraine during President Volodymyr Zelenskyy's visit to London. Unlike the tense atmosphere of Zelenskyy's recent meeting with former US President Donald Trump, the Ukrainian leader described his encounter with Starmer as "warm." Starmer said he had “absolute determination … to achieve what we both want to achieve, which is a lasting peace – a lasting peace for Ukraine based on sovereignty and security for Ukraine, so important for Ukraine, so important for Europe and so important for the United Kingdom”.
The meeting took place outside 10 Downing Street, where Starmer's reception was met with cheers from supportive crowds, highlighting Britain's commitment to Ukraine's sovereignty.
In an additional show of support, there are reports that the UK may unlock billions of pounds of frozen Russian assets to further aid Ukraine's military efforts. If executed, this would mark the first instance of these assets being redirected to military spending. This decision aligns with the UK's strategic aim of applying economic pressure on Russia while reinforcing Ukraine's defence.
President Zelenskyy expressed gratitude for the UK's "tremendous support" since Russia's invasion three years ago, underscoring the "warm" reception he received in the UK. "We’re happy and count on your support," Zelenskyy remarked, acknowledging the importance of the UK-Ukraine relationship.
Further underscoring the UK's commitment, Zelenskyy is set to meet King Charles, who has previously spoken about the "determination and strength" of the Ukrainian people. "I'm very happy that His Majesty the King accepted my meeting tomorrow," Zelenskyy mentioned, highlighting a shared solidarity in the face of Russian aggression.
The loan agreement and royal meeting reflect the UK's strategic focus on maintaining European unity against Russian hostilities.
European leaders have expressed concern over a potential rift with the US regarding Ukraine, with plans to reinforce military support at an upcoming summit. The focus remains on increasing economic pressure on Russia and ensuring Ukraine's central role in peace negotiations.
On Friday evening, US President Donald Trump and Vice-President J D Vance had accused him of not being grateful to the US for the huge sums they had spent on helping Ukraine to defend itself following the Russian invasion in 2022.