A loan agreement between Ukraine and the United Kingdom, which will be repaid from the revenues generated by frozen Russian assets, was signed on Saturday. This funding will be used to enhance Ukraine's defense capabilities, stated Ukrainian President Volodymyr Zelensky.
"London. An important and warm meeting with Prime Minister Keir Starmer... Today, a loan agreement between Ukraine and the United Kingdom was signed in our presence. This loan will strengthen our defense capabilities and will be repaid from the income derived from frozen Russian assets. The funds will be allocated for weapon production in Ukraine," Zelensky wrote on Telegram.
According to the website of the President of Ukraine, the agreement was signed in the presence of Zelensky and Starmer by Ukraine's Finance Minister Serhiy Marchenko and the UK's Chancellor of the Exchequer Rachel Reeves. The agreement is signed with Ukraine as the borrower and the United Kingdom of Great Britain and Northern Ireland as the lender.
"In October last year, the EU, along with the G7 countries, decided to provide loans amounting to up to 45 billion euros to support urgent budgetary, military, and recovery needs of Ukraine. Specifically, the United Kingdom plans to contribute up to £2.258 billion. These funds may be used for the procurement of defense materials for our state. The loan is provided for 30 years and will be repaid from the revenues generated by frozen Russian assets," the statement said.
"It is only fair: those who started the war should pay. Thank you to the people and government of the United Kingdom for such significant support since the very beginning of this war. We are happy to have such strategic partners and a shared vision of what confidence in the future should look like for everyone," Zelensky added.
Sources:
https://t.me/V_Zelenskiy_official/13451
https://president.gov.ua/news/spilna-poziciya-yevropi-ta-garantii-bezpeki-volodimir-zelens-96421