Britain lends Ukraine another $2.26 billion to buy weapons to fight Russia | Rachel Reeves

Britain will lend an additional $2.26 billion to Ukraine as part of a $US50 billion ($38.5 billion) loan program expected to be finalized by G7 members later this week, with Kiev using the money to help fight Russian aggression. We plan to allow it to be used to purchase weapons.

The loan will be repaid using interest earned on $300 billion in frozen Russian assets stored in the West, with additional funds promised as the United States heads toward a presidential election in which support for Ukraine is a divisive issue.

Rachel Reeves said: Profits from those assets will not be kept for future use by Russia. They are currently being used to fund Ukraine. The Prime Minister made the announcement together with Defense Minister John Healey.

Britain has already committed to providing $3 billion in annual military aid to Ukraine. The British loan will add to this and, if the bill passed by parliament, is likely to be spent on military supplies Kiev desperately needs, Healey said.

Efforts to hand over all of Russia's frozen assets to Ukraine, amid opposition from the International Monetary Fund and concerns that it could undermine trust in the financial system and risk legal challenges from Moscow, were launched.

Reeves said these assets are not being seized to finance this loan. We were using a huge interest in assets, and that was the confidence that we could do this within all the right legal frameworks.

The United States is expected to contribute $20 billion, and other G7 members have also confirmed their commitments. Reeves emphasized that the UK's announcement comes ahead of the IMF and World Bank's annual meetings in Washington DC this week, two weeks before the US presidential election. The Prime Minister said he hoped the other pieces of the puzzle would fall into place by the end of the week.

Republican presidential candidate Donald Trump has expressed skepticism about continuing future funding for Ukraine and questioned Ukraine's ability to wage war, as the United States has been Kiev's largest donor by far. The United States has provided $64 billion in military aid to Russia since it began a full-scale invasion in February 2022.

Some of the $50 billion in loans could be used to buy U.S.-made weapons, which diplomats see as a possible alternative if Trump halts the flow of donations from U.S. stockpiles. But it will be up to Ukraine to decide what the money will be used for, in discussions with each G7 country providing the loan.

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Reeves declined to discuss whether next week's budget, the first under this Labor government, will provide a timetable for when Britain will increase defense spending from the current 2.32% to 2.5% of GDP. “We stand by that promise and will explain the details as soon as possible,” she said.

The Prime Minister is targeting $40 billion worth of tax increases and budget cuts. Relations between the Treasury and the Ministry of Defense remain cordial, and Healey is not one of the ministers who has written to Reeves to complain about the level of cuts his department is seeking.

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