UK to lend Ukrain $2.9 billion using frozen Russian assets

Defence Minister John Healey said the money donated by Britain would be solely for Ukraine's military and could be used to help develop drones capable of traveling further than some long-range missiles, Reuters reported.

Healey said the use of Britain's share of the G7 loan had been a feature of talks between Ukrainian President Volodymyr Zelenskiy and Prime Minister Keir Starmer in talks in London two weeks ago and G7 defense ministers in Italy over the weekend.

Asked if Britain would allow Ukraine to use the money to buy British-made Storm Shadow missiles to hit targets deep inside Russia, Healey told reporters, "They are developing very heavily the use of even longer-range drones. They will work with us over how they use this money, and on the weapons they most need."

The G7 announced in June it would provide a $50 billion loan to help Ukraine, serviced by profits generated by about $300 billion in Russian sovereign assets immobilized in the West.

SD/