UK announces £2.26 billion military loan to Ukraine

The UK has signed a £2.26 billion loan agreement with Ukraine, marking the first use of frozen Russian assets for military aid. This funding is part of the UK's ongoing support, which totals £3 billion annually. Chancellor Rachel Reeves plans to expand the National Wealth Fund to include defense spending, previously focused on infrastructure. This change aims to strengthen the UK's defense sector amid rising global security concerns. The loan agreement will be finalized with Ukraine's Finance Minister Sergii Marchenko, with funds expected to be delivered soon. The UK holds approximately £26 billion in frozen Russian assets, which will now support Ukraine's military efforts.