A £752 million payment has been sent to Ukraine through the Extraordinary Revenue Acceleration Loans for Ukraine scheme. The funding will support Ukraine to procure vital military equipment, including urgently needed air defence. This comes as Russia continues its air assault on Ukraine, striking the city of Sumy.

The loan, which will be paid for through the profits of sanctioned Russian sovereign assets in the EU, forms part of a wider £2.26 billion loan agreed between the Chancellor and Minister Marchenko on 1 March.

The payment highlights the UK’s steadfast support to Ukraine whilst building on the Chancellor’s Spring Statement pledge to go further and faster to protect our national security and maximise the economic growth potential of the UK defence sector. The equipment support and maintenance elements will be mainly spent in the UK, boosting the UK economy and skilled jobs.

Rachel Reeves, Chancellor of the Exchequer said:

“The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine. 

“A strong Ukraine is vital to UK national security and this second tranche of funding will help put them in the strongest possible position, and contribute towards our collective security.”

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