Reeves loans £2bn in frozen Russian assets to fund weapons in Ukraine
Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.Read moreRachel Reeves has announced plans to loan more than £2bn worth of frozen Russian assets to fund weapons in Ukraine as the prime minister warns that we are at a “turning point” in the war. It comes ahead of a major summit in London on Sunday where European leaders will meet to thrash out a response to Donald Trump’s erratic stance on Ukraine and his catastrophic meeting with Volodymyr Zelensky on Friday. The £2.26bn package will be given to Ukraine as a loan and will be paid back using profits generated on sanctioned Russian sovereign assets.Follow latest updates as Starmer hosts Ukraine summitThe formal agreement was signed by Ms Reeves and Ukrainian finance minister Sergii Marchenko on Saturday, with the first tranche of funding expected to reach Kyiv later next week.Chancellor of the Exchequer Rachel Reeves holds a video meeting with Ukraine’s finance minister Sergii Marchenko, as Prime Minister Sir Keir Starmer and Ukrainian President Volodymyr Zelensky watch (Toby Melville/PA) More