The UK government has announced that it will give an extra £2.26bn ($2.93bn) to Ukraine, using the profits from Russian assets held in Europe.
This will form Britain’s contribution to a £38bn (approx. $50bn) fund announced in June by the G7 group members of leading economies.
Defence Secretary John Healey further said that the new funds will help Ukraine reinforce its frontline military equipment, and had described it as “turning the proceeds of Putin’s own corrupt regime against him, by putting it into the hands of Ukraine”.
Additionally, Chancellor Rachel Reeves remarked that the aim was to release the money as fast as possible.
The funds will be allocated in the form of a loan – as the UK is recouping the cost from sanctions on Russian assets – “within the correct legal framework”.
Reeves had also made it clear that the UK was not seizing sovereign Russian assets in Europe for this, but will instead, use the profits and interest accrued from them.
Other G7 countries have promised to do the same and are expected to finalise their contributions in the coming weeks.
According to Healey, the money announced would allow Ukraine to purchase necessary military equipment like air defences and ammunition.
The £2.26bn is decidedly a one off payment but it is an addition to £3bn already promised by the government to fund Ukraine’s war effort.
Already, the UK has given more than £12bn in military aid and has promised to duplicate that level of support in the future.
