Britain is to lend Ukraine an additional £2.26bn and allow Kyiv to spend the money on weapons to fight off the Russian invasion as part of a wider $50bn (£38.5bn) loan programme expected to be confirmed by G7 members later this week.

The loans will be repaid using interest generated by the $300bn of frozen Russian assets held in the west, with the extra funds promised as the US heads towards a presidential election where support for Ukraine is a divisive issue.

Rachel Reeves said: “The profits being made on those assets aren’t being kept for Russia to use in the future. They’re now being used to fund Ukraine.” The chancellor made the announcement alongside the defence secretary, John Healey.

  • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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    6 days ago

    I’m sure that after hundreds of billions that were poured into Ukraine over the past couple of years, this is going to make all the difference.

      • Bobr@lemmy.libertarianfellowship.org
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        6 days ago

        You misspelled Putin

        Are you sure?

        Damn, mass kidnapping people on territories he doesn’t even control (Kiev, Kharkiv, Odessa, Lviv, well every single city and village out there) seems really impessive, I wonder how does he do it…

    • Bassman27@lemmy.world
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      8 days ago

      Any sources on this?

      Edit: reading through your comment history you sound like a meth head lmao

      • Bobr@lemmy.libertarianfellowship.org
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        8 days ago

        Any sources on this?

        Sure, what exactly would you like to have source for? People being mass imprisioned in Ukraine? Zelensky’s concentration camps? Kidnappings of people?

        Edit: reading through your comment history you sound like a meth head lmao

        Why? Because I’m “slightly unhappy” with Zelensky trying to kill me, my friends, family, and well, all Ukrainians? :/

        (If you went through my comment history, you should have seen sources for everything I’ve said already, but I don’t mind reposting them for you)

    • anonymous111@lemmy.world
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      7 days ago

      If they don’t win then they can’t pay it back. If anything it gives an incentive to lend them more.

      The Iron Bank.

  • FuckyWucky [none/use name]@hexbear.net
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    8 days ago

    The profits being made on those assets aren’t being kept for Russia to use in the future. They’re now being used to fund Ukraine

    Rachel, Where do “profits” on these assests come from? These aren’t corporate bonds but Government bonds. The Government is paying the defence contractors using public money.

    If there was no Russian foreign reserves being stolen, would the west not have sent weapons to Ukraine? Of course not! The weapons manufacturers have to make profits, it would come out of a different Government account.

    • wewbull@feddit.uk
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      8 days ago

      I don’t think anyone is saying it isn’t public money. More than Ukrain isn’t on the hook to repay the loan after the war like the UK was to the US after WW2.