Zelenskyy Meets with Starmer: UK signs £2.26bn Defence Loan Agreement with Ukraine Using Frozen Russian Assets
President of Ukraine Volodymyr Zelenskyy arrived in the UK on Saturday after meeting with US President Trump at the White House. The President of Ukraine and the Prime Minister of the United Kingdom met in London.
‘I had an important and warm meeting with Prime Minister Keir Starmer. During our talks, we discussed the challenges facing Ukraine and the whole of Europe today, coordination with partners, concrete steps to strengthen Ukraine's position and end the war in a just peace, and reliable security guarantees,’ Zelenskyy said.
The President of Ukraine arrived at 10 Downing Street on Saturday evening at around 19.30 Kyiv time, where he was personally greeted by Prime Minister Starmer.
‘It was an honour to welcome President Zelensky to Downing Street and to reiterate my unwavering support for Ukraine. I am determined to find a way to end Russia's illegal war and secure a just and lasting peace that will ensure Ukraine's future sovereignty and security,’ said the UK Prime Minister.
Following the meeting, the UK and Ukraine signed an Emergency Loan Agreement worth £2.26 billion (about $3 billion) for the purchase of defence materials.
‘Today, a loan agreement between Ukraine and the UK was signed in our presence. The loan will be used to strengthen our defence capabilities and will be repaid from the proceeds of frozen Russian assets. The money will be used to produce weapons in Ukraine. It is only fair that the one who started the war should pay,’ the President of Ukraine said.
‘I am grateful to the people and the government of the United Kingdom for such a great support from the very beginning of this war. We are happy that we have such strategic partners and the same vision of what confidence in the future should be for everyone,’ Zelenskyy added.
The agreement was signed by Minister of Finance of Ukraine Sergii Marchenko and Chancellor of the Exchequer Rachel Reeves. The signing ceremony took place online. It was attended by President Volodymyr Zelenskyy and Chancellor of the Exchequer Keir Starmer.
The ministry explained that the funds are part of the $50 billion Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the Group of Seven countries.
The loan will be serviced and repaid from future profits generated by the immobilised Russian sovereign assets.
The financing is provided for 30 years. The funds will be used to purchase defence materials in accordance with Ukraine's needs.
Marchenko expressed his gratitude to the British government for this support and personally to Chancellor Reeves for her considerable efforts in helping to conclude this agreement.
