Serhii Marchenko, Minister of Finance, and Rachel Reeves, the Chancellor of the Exchequer, have signed an agreement to allocate £2.26 billion to Ukraine.

The Office of the President of Ukraine stated this.

The agreement was signed online, and President Volodymyr Zelenskyy of Ukraine and Prime Minister Keir Starmer of the United Kingdom attended the event.

The financial assistance for Ukraine, totaling $50 billion, is part of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism introduced by the G7 countries.

The loan will be repaid in the future using profits from immobilized Russian sovereign assets.

The funds are provided for 30 years and will be used to finance the purchase of defense products in accordance with the needs of the Ukrainian side, as well as to strengthen defense capabilities and weapons production in Ukraine.

“The UK continues to stand by Ukraine’s defense. And today’s agreement, which contributes to the strengthening of Ukraine’s defense capabilities, is a confirmation of this. I am grateful to the British government for this support and to Rachel Reeves personally for her considerable efforts that contributed to this agreement,” the Minister of Finance of Ukraine emphasized.

It should be noted that Ukraine has already received $1 billion from the United States and €3 billion from the European Union under the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism from the G7 countries.

It should be noted that in addition to this agreement, in early February 2025, the UK government allocated a new military aid package for Ukraine worth £150 million.

It is stated that the defense assistance package will include tanks, artillery, air-to-air missiles, and other types of weapons, as well as contracts for the maintenance of previously supplied equipment to the Armed Forces.

Militarnyi previously reported that the United Kingdom signed contracts with two companies to manufacture artillery barrels for Ukraine.

British Prime Minister Keir Starmer previously announced the delivery of 150 artillery barrels to Ukraine in the coming weeks. This is the first time in 20 years that weapons have been manufactured in the UK.

This refers to 155-mm AS-90 self-propelled artillery systems and 105-mm L119 howitzers. In early July 2024, the United Kingdom announced that it would provide Ukraine with new barrels for the AS-90 self-propelled howitzers as part of military assistance.