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Rachel Reeves sends billions in
frozen Russian assets to Ukraine
Chancellor Rachel Reeves has announced she will divert cash from
environmental investments to help Ukraine instead
By ALEX EVANS, Deputy Audience Editor
19-29 Sat Mar
2025
UPDATED: 19.35 Sat Mar
2025
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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.
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.
