- Chancellor confirms the UK has sent the third £752 million payment as part of its £2.26 billion loan for Ukraine to buy military equipment
- Ahead of meeting the Ukrainian PM on Wednesday, Reeves says the UK will keep pressure on Russia – including action against sanctioned “shadow fleet” vessels – and keep options open to join the EU’s €90bn loan effort
- Announcement comes as Chancellor flies to Washington for IMF Spring Meetings, setting out Britain’s plan to keep costs down for people and build a more resilient economy.
The Chancellor has confirmed the UK has sent £752 million to Ukraine, as part of the UK’s £2.26 billion loan to spend on military equipment.
Rachel Reeves is in Washington for the IMF Spring Meetings, where she is urging international partners to act together on global security and stability, including sustained support for Ukraine.
She will be setting out Britain’s plan for economic security through the Middle East crisis — prioritising stability, keeping costs down for families and businesses, taking back control of our energy costs, and going further and faster on our plan for a stronger, more resilient economy.
The loan to Ukraine is backed by the profits of immobilised Russian sovereign assets held in the EU, and will help Ukraine procure equipment to defend itself against Russia’s unprovoked aggression. This does not count as part of the UK spending 2.5% of GDP on defence.
This funding will be spent on critical military equipment to meet Ukraine’s urgent needs, including long‑range strike capabilities, air defence missiles and systems, and Ukrainian‑produced drones to help protect civilians and national infrastructure from Russia’s attacks.
The announcement comes as the Defence Secretary confirms that the UK is set to deliver 120,000 drones as part of a separate £3.75 billion UK military support package for Ukraine.
In Washington tomorrow, Reeves will meet with Ukrainian Deputy Prime Minister Yulia Svyrydenko and hold talks with G7 finance ministers, reaffirming the UK’s support for Ukraine and the need to maintain pressure on Russia.
Chancellor of the Exchequer Rachel Reeves said: ““The UK stands shoulder to shoulder with Ukraine. This funding will help deliver the military equipment Ukraine needs as it defends itself against Russia’s unprovoked war.
“I am proud that the UK is a leading partner in providing vital support to Ukraine, and we will continue to step up to do more while keeping pressure on Russia.”
The Chancellor also confirmed the UK would look carefully at options to enable participation in the EU’s €90 billion loan to Ukraine.
She also highlighted how the UK is increasing pressure on Russia following the Prime Minister’s announcement that the UK is ready to deploy Armed Forces and law enforcement to interdict UK‑sanctioned Russian “shadow fleet” vessels transiting UK waters, stepping up pressure on Putin’s war effort.