Britain joins EU support loan for Ukraine

Britain signed up on Monday to take part in the European Union’s 90-billion-euro, or $103 billion, support loan for Ukraine, allowing UK firms to provide more weapons paid for by the funds.

British Prime Minister Keir Starmer said in a statement that the agreement would help Ukraine defend itself against Russian aggression while supporting British defence companies, skilled jobs and national security. He said Britain was working with European allies to increase support for Ukraine and pressure on Russia.

Brussels and London said Britain would make a fair and proportionate contribution to borrowing costs, based on the value of contracts awarded to UK companies.

The move is part of closer cooperation between the EU and Britain, which left the bloc in 2020. The EU started paying out the two-year loan to Ukraine last month. The money is intended to buy weapons for Ukrainian forces and help fill budget shortfalls.

An initial six billion euros from the loan will go toward increasing drone production for Kyiv’s forces. AFP reported that the funding comes as Ukraine has stabilised the front line and struck deep inside Russia during the four-year war.