Britain will lend Ukraine £2.26 billion through a G7 loan to help with military aid and rebuilding

As part of a G7 loan, Britain will give Ukraine £2.26 billion to help with military efforts and rebuilding infrastructure that was damaged in the war.

As part of a larger Group of Seven (G7) loan, Britain will give Ukraine £2.26 billion ($2.94 billion). The loan will be backed by assets frozen by the Russian central bank. The money will be used for military reasons and to rebuild infrastructure in Ukraine, which has been destroyed by Russia’s invasion.

John Healey, the Minister of Defense, said that the loan will help Ukraine buy military gear, such as drones that can go farther than some long-range weapons. He said that the loan was an important topic of recent talks between Volodymyr Zelenskiy, the president of Ukraine, and Keir Starmer, the prime minister of Britain.

Healey said that Ukraine could use the money to get the weapons it needs most, but he didn’t say for sure if it would be used to buy Storm Shadow missiles made in Britain. “They are working hard to make even longer-range drones useful,” Healey said.

The G7 announced the larger $50 billion loan in June. It would be paid for by the money made from selling about $300 billion worth of frozen Russian assets. The assets were taken away soon after Russia invaded Ukraine in February 2022, and Russia has said many times that their use is illegal.

Western countries are speeding up talks to get Ukraine money because they are worried that if Donald Trump wins the Republican presidential nomination, American backing will drop. The European Union has already promised €35 billion ($38 billion) as its share. Britain’s promise is on top of the £12.8 billion ($16.61 billion) it has already given to Ukraine.

Rachel Reeves, the Finance Minister, stated that the loan would be paid out in stages. This would ensure that Ukraine’s defense and rebuilding efforts would continue to get help.