Britain is lending Ukraine billions of pounds to buy weapons to defeat Vladimir Putin - paid for with the profits from Russian assets frozen since the start of the war.

Rachel Reeves announced the £2.26bn boost as Volodymyr Zelenskyy visited Downing Street for talks with Keir Starmer.

The chancellor said: “A safe and secure Ukraine is a safe and secure United Kingdom. This funding will bolster Ukraine’s armed forces and will put Ukraine in the strongest possible position at a critical juncture in the war.”

Under the funding arrangement, the money will be paid back using “extraordinary” profits generated on sanctioned Russian sovereign assets held in the EU.

Reeves signed the loan agreement with Ukraine’s finance minister Sergii Marchenko on Saturday.

It comes as Starmer hosts a summit of European leaders to discuss how the continent can provide security guarantees for any peace deal.

The PM said: “Three years on from Russia’s brutal invasion of Ukraine, we are at a turning point. Today I will reaffirm my unwavering support for Ukraine and double down on my commitment to provide capacity, training and aid to Ukraine, putting it in the strongest possible position.

“In partnership with our allies, we must intensify our preparations for the European element of security guarantees alongside continued discussions with the United States.  

“We have an opportunity to come together to ensure a just and lasting peace in Ukraine that secures their sovereignty and security.”

Starmer held further talks with Donald Trump about the situation in Ukraine on Saturday night, a day after the president’s extraordinary bust-up with Zelenskyy in the Oval Office.

Earlier, he had hugged the Ukrainian president as he arrived in Downing Street.

The PM told him: “You have full backing from across the United Kingdom and we stand with you, with Ukraine, for as long as it may take.”