UK announces 'biggest ever' Ukraine support package of $13 billion in 2027
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Editor's note: This article was updated to include comments from President Volodymyr Zelensky and U.K. Prime Minister Andy Burnham.
The U.K. is set to provide over 10 billion pounds ($13.3 billion) in support for Ukraine in 2027, British Finance Minister John Healey announced on Oct. 28.
The announcement came as part of Healey's presentation of the U.K. budget for 2027, and amid growing pressure from the EU and Ukraine for Kyiv's partners to step up their financial support to Ukraine.
"Russia's illegal invasion of Ukraine poses a serious threat to U.K. prosperity and security," reads a social media post from the U.K.'s finance ministry.
"That's why this budget is providing over 10 billion pounds in additional support to Ukraine," the post reads.
"It was the biggest financial package ever committed to Ukraine by the U.K. and was a symbol of this government's commitment to ensuring Ukraine had the means to continue its courageous fight against Russia's illegal invasion," said U.K. Prime Minister Andy Burnham.
President Volodymyr Zelensky hailed the announcement as "a truly strong and very timely step — coming right as Russia needs to see and feel that Ukraine will not be left alone," in a social media post.
"I am grateful to Britain, to Prime Minister Andy Burnham and his team, and to every person around the world who understands that standing with Ukraine is the right thing to do — that it means being on the right side of history," Zelensky said.
A U.K. government press release further breaks down the pledge into a mixture of financial, military, and energy infrastructure support.
Specifically, 5.5 billion pounds ($7.3 billion) will go into "World Bank guarantees" and a further half a billion pounds ($660 million) to the World Bank's crisis facility.
Three billion pounds ($4 billion) will go into a British financial vehicle called "U.K. export finance", which prioritizes military support for Ukraine. That sum has been pledged and delivered by the U.K. every year since the full-scale invasion began.
And a further half a billion pounds will go into "military support to defend Ukraine from attacks this winter," the press statement reads.
Ukraine's financial outlook for 2027 is dire, with an expected 70 billion euros ($78 billion) shortfall, even when accounting for 45 billion euros ($50 billion) of already planned EU financial support.
Until the U.K.'s announcement, Norway had been the only non-EU country to join the efforts to shore up Kyiv's budget gap, pledging $9 billion for 2027.
Hopes are also high that Canada will make a sizeable contribution to Ukraine's finances. There is an ongoing EU-Canada summit taking place in the Canadian city of Montreal, where EU officials are expected to discuss cooperation on Ukraine.
The EU itself is also considering options on how to support Ukraine in 2027, with an additional loan and different ways of using Russia's immobilized assets in the bloc, all being pitched as potential solutions.
