The release states that this is part of a substantial $50 billion loan under the G7 program, which will be repaid using profits from Russian assets frozen in the West.
"The UK loan of £2.26 billion is intended for budgetary support of Ukraine's military expenditures, enabling Ukrainians to invest in essential equipment to bolster their efforts against Russia, such as air defense, artillery, and broader technical support," the statement reads.
This loan complements the £3 billion per year in military assistance that the UK has committed to providing Ukraine, clarified the kingdom's government.
The authors of the statement reminded that the program, which includes a $50 billion loan for Ukraine from the G7 countries, was announced in June 2024.
"Today, the UK announced its contribution to this program and will introduce national legislation in the coming weeks to expedite the transfer of new funds to Ukraine. This loan is in addition to the £12.8 billion already allocated for military, economic, and humanitarian support for Ukraine. The funding coincides with the UK and its international partners implementing the largest and most stringent sanctions package ever imposed on a major economy. Without this, Russia would have received an additional over $400 billion for its military machine – enough to finance its unlawful invasion for the next four years," the release added.