Rachel Reeves has pledged cash from frozen Russian assets to Ukraine (Image: Getty)
Rachel Reeves has tonight announced more than ￡2Billion from frozen Russian assets will be sent to Ukraine to bolster its military.
The Chancellor is set to change the ￡27.8B National Wealth Fund so it can be spent on the defence sector, instead of its previous remit which limited it to green energy infrastructure projects. As reported by The Times, Reeves will also sign a UK-Ukraine bilateral loan agreement which will hand ￡2.26Billion of money generated from frozen Russian assets to support the Ukrainian military.
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Now Reeves is urging other European leaders to follow the UK's lead as she declared 'the world has changed, and we have to keep up with that and we have to respond to that. The importance of hard power, of securing our defence, is clearly more important today than it has been for a long time."
It comes on the same day Ukrainian president Volodymyr Zelensky met with PM Keir Starmer, who gave the embattled premier his 'full backing', just 24 hours after the heated clash between Zelenksy and US President Trump was broadcast to the world from the White House.
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In a series of posts on X on Saturday, the Ukrainian president said his people are “very grateful to the United States for all the support”, and specifically thanked Mr Trump and Congress alongside the “American people”.
“Our relationship with the American President is more than just two leaders: It’s a historic and solid bond between our peoples. … American people helped save our people,” he wrote.
“We want only strong relations with America and I really hope we will have them.”
The shouting match that unfolded in the final minutes of the meeting between the two leaders at the Oval Office on Friday seemed to dash, at least for now, Ukrainian hopes that the US could be confirmed as a reliable partner in helping to fend off, and conclude, Russia’s three-year onslaught.
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The exchange saw the frustrated Ukrainian president lectured by Mr Trump and vice president JD Vance over what they saw as his lack of gratitude for previous US support.
“You’re gambling with millions of people … You’re gambling with World War Three,” Mr Trump told Mr Zelensky of his attempts to resist the Russian invasion.
It delighted officials in Moscow who saw it as a final breakdown in relations between Washington and the Ukrainian leader.