London has promised Kiev a new $2.84 billion loan, which it hopes to fund with profits from frozen Russian assets
Vladimir Zelensky received a warm welcome in London from British Prime Minister Keir Starmer, who reassured the Ukrainian leader of the UK’s “unwavering support” for “as long as it takes” following a contentious meeting with US President Donald Trump.
The encounter between Trump and Zelensky at the White House on Friday had been intended to finalize a minerals agreement but devolved into a heated exchange, where the Ukrainian leader dug his heels in and insisted that Washington should support Kiev more rather than act as a neutral mediator with Moscow.
Trump accused Zelensky of being ungrateful for American support and unwilling to make the necessary concessions to end the conflict. “We’re looking for peace,” Trump stated. “We’re not looking for somebody that’s going to sign up a strong power and then not make peace because they feel emboldened.”
In contrast, Starmer assured Zelensky of the UK’s full backing “for as long as it takes,” emphasizing the importance of reaching a “just and lasting peace that secures Ukraine’s future sovereignty and security,” according to a spokesperson.
The UK also announced on Saturday a new $2.84 billion loan to bolster Ukraine’s military capabilities, which London hopes will be repaid with profits from frozen Russian assets. Zelensky hailed the “meaningful and warm meeting” with Starmer and promised that the “funds will be directed toward weapons production in Ukraine.”
Since 2022, Washington and Brussels have frozen an estimated $300 billion in Russian central bank reserves along with billions in private assets. Western officials have proposed redirecting some of the funds to Ukraine, but legal concerns have slowed such efforts. However, proceeds from the assets are already being used to back some of the G7 loans to Ukraine.
Moscow has repeatedly condemned the asset freeze as “theft,” arguing that accessing the funds would be illegal and set a troubling precedent. The Kremlin also maintains that Western nations’ support for Kiev makes them direct participants in the conflict.
The UK is one of the largest individual state donors, having already provided Kiev with more than $15.5 billion since January 2022. Berlin has sent over $18 billion worth of arms and other aid, while the US has provided almost $120 billion, according to Germany’s Kiel Institute.
Trump, however, has estimated the overall US aid to Kiev at over $300 billion and wants Ukraine to reimburse US taxpayers for their generosity via the minerals deal. He criticized his predecessor, Joe Biden, for simply giving cash away like “cotton candy,” while European countries, he noted, would be reimbursed for their aid to Kiev as it was provided “in the form of a loan.”
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