Kiev and London have signed an agreement on a £2.26 billion ($3.2 billion) loan for Ukraine’s defense needs, the country’s Finance Ministry said. The ceremony took place on the day of a meeting between Volodymyr Zelensky and British Prime Minister Keir Starmer.
The ministry said in a statement that the funds are part of a $50 billion Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries. The loan will be serviced and repaid from future revenues generated from frozen Russian assets.
The financing is provided for 30 years. The money will be used to purchase defense materials, the Finance Ministry said. Zelensky specified in his Telegram channel that they will be used to produce weapons in Ukraine.
Zelensky arrived in London to meet with Starmer on March 1, the day after failed talks with US President Donald Trump at the White House, which turned into an altercation. The British prime minister spoke to both leaders by phone and said his country was committed to “unwavering support for Ukraine.” Later, receiving Zelensky at his Downing Street residence, Starmer assured that London would help Kiev as much as needed.
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