The UK signs multi-billion dollar loan agreement for Ukraine

Russian invasion of Ukraine

Chancellor of the Exchequer Rachel Reeves holds a video conference meeting with Ukraine's Finance Minister Sergii Marchenko, as Prime Minister Sir Keir Starmer and Ukrainian President Volodymyr Zelensky watch. Picture date: Saturday March 1, 2025.. See PA story POLITICS Starmer. Photo credit should read: Toby Melville/PA Wire Credit: AAP

The United Kingdom has signed a $4.57 billion loan agreement for Ukraine amid wavering US support and increasing defence pressure. The deal follows a hostile public confrontation between US and Ukrainian leadership, threatening future U-S military support even further.


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TRANSCRIPT

In stark contrast to his meeting at the White House, Ukrainian President Volodymyr Zelenskyy has received a warm welcome to Downing Street.

"Well let me just say that you're very, very welcome here in Downing Street and as you heard from the cheers on the street outside, you have full backing across the United Kingdom. And we stand with you in Ukraine for as long as it may take. And I hope you heard some of that cheering in the street, that is the people of the United Kingdom coming out and demonstrating how much they support you, how much they support Ukraine and their absolute determination to stand with you—unwavering determination—and to achieve what we both want to achieve which is a lasting peace."

Following a public address with UK Prime Minister Keir Starmer, the two leaders held a closed door meeting to discuss the future of U-K involvement and support.

Now, the United Kingdom has signed a AU$4.57 billion Ukraine loan agreement.

The agreement, which London says is a sign of "unwavering and ongoing support", will be used to support Ukraine's defence capabilities.

Ukraine's Finance Minister Sergii Marchenko says the loan will be of huge benefit in the fight against Russia.

"This agreement is quite necessary and it can cover our military expenses directly targeted specific refunds, and we are so grateful and I believe it's a first step towards a full seizure of all Russian assets, I believe it will be possible in the near future."

The meeting follows an extraordinary public confrontation in the White House, where US President Donald Trump hurled accusations of disrespect at the Ukrainian President.

The Oval Office meeting ended abruptly and with the early departure of Mr Zelenskyy, who cancelled plans to sign the anticipated minerals deal with the US – one Kyiv hoped would garner Republican backing for Ukraine.

White House officials say that after the clash, President Donald Trump is no longer interested in reviving a deal.

Ukrainian political analyst and director of the Frontier Institute, Yevhen Hlivoytsky, says US leadership seems annoyed by Ukraine's willingness to show agency.

He adds there is credible speculation that Mr Trump and his team set up the Ukrainian leader in an effort to discredit his push for security guarantees.

“To answer this question, we have to actually understand whether something that happened was an accident or was it irritation because Ukrainians show agency, and a lot of Ukrainians would probably think that this was the latter. Ukrainian agency actually has been an irritating factor for those who viewed Ukraine through colonial lens. And the unfortunate situation is that the United States has joined the club of those who did it.”

In Russia, political science professor at the Financial University, Alexander Shatilov, says Mr Trump is using Ukraine as a bargaining chip with Europe.

"The US-led West has always put themselves first over Ukraine. And the Trump administration won't even bother to conceal this attitude with diplomatic formalities. Trump sees Ukraine as a land even without sovereignty, or a bargaining chip at negotiation."

In the UK, Ukrainian refugee Mary Korol says the meeting was confusing and disappointing to watch.

"So basically they invited our President Zelenskyy to have negotiations but it wasn't negotiations, it was just (an) attack to force him to sign this agreement, and it seems unfair for our country, for our people who died, and for future generations. So basically now we have to do whatever as a country, a third country who doesn't have any impact on the situation and I don't know. I'm very confused and I feel sorry (for) Zelenskyy."

As doubts are cast over the future of US support, European leaders, NATO leadership and the presidents of the European Commission and European Council will now hold an emergency meeting on the matter.

Mr Zelenskyy, who is also scheduled to meet with King Charles ahead of the summit, says the support is especially welcome during this time.

"I saw a lot of people (outside), and I want to thank you, people of the United Kingdom, such big support from the very beginning of this war. Thank you, your team. And I very happy that His Majesty the King accepted my meeting tomorrow, and thankful that you organised such a great summit for tomorrow. And we are very happy in Ukraine that we have such strategic partners."

Most European countries came out in support of Ukraine after the meeting, breaking with Washington as cracks in the historic trans-Atlantic alliance emerge into public view.

Across Europe, displays of solidarity for Ukraine were also on show in the streets.

In Berlin, several hundred "Russians against Putin" protesters gathered outside the Russian Embassy.

Among them was Vadim, who says the way Donald Trump spoke with Mr Zelenskyy was not normal.

“Trump tries to impose his will on Ukrainian people and it's completely unacceptable. So we stand stand with Ukraine and hope that Ukraine will fight back together with partners, European partners, because it's Europe's security at stake, not only the fate of the Ukrainian people.”

In Washington, pro-Ukrainian protesters have gathered to call for continued US support for Ukraine, with many describing the their President's actions as bullying and childish.

In the lead up to Mr Zelenskyy's departure, reporters questioned his choice of outfit, with Ukraine's leader stating he will wear a suit once the war is over.

Local resident Scott Christian told reporters that remarks about the military uniform were tone deaf.

"I know my father was in the Gulf War, and also was in Vietnam, and I think someone that's dealing with a war-torn country like Zelenskyy is now - I think it shows how superficial we are to talk about whether he's wearing a suit or not, or maybe we can really address the issue at hand, which is that people are dying. And I think that that's - it's such a tone-deaf question."

Other pro-Ukrainian protesters in Washington, like Cacci Greenfield, say the shifting US position will isolate America from the rest of the world.

"I think he's trying to isolate us being President Trump from the rest of the world and align with Russia so we know how the rest of the world views Russia. So it's not looking good for us if that's where we're headed."

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