Financial Assistance to Ukraine Bill: HL Bill 58 of 2024–25
The Financial Assistance to Ukraine Bill is a two-clause government bill that would authorise the government to provide loans and other financial assistance to Ukraine resulting from the extraordinary revenue acceleration (ERA) loans agreement made at the meeting of the G7 and the EU in June 2024. It has been designated as a money bill and it completed its House of Commons stages on 18 December 2024 with broad cross-party support.
The Financial Assistance to Ukraine Bill is a two-clause government bill that was introduced in the House of Lords on 19 December 2024. It is due to have its second reading and all remaining stages on 15 January 2025.
The speaker of the House of Commons has designated the bill as a money bill. This limits the extent to which the House of Lords can propose significant changes and means the bill can become law with or without House of Lords approval.
The purpose of the bill is to authorise the government to provide loans and other financial assistance to Ukraine resulting from the extraordinary revenue acceleration (ERA) loans agreement made at the meeting of the G7 and the EU in June 2024. The attendees agreed to extend US$50bn of loans to Ukraine, to be repaid using the revenues from frozen Russian assets in the EU and G7 countries. The UK’s share of the loan agreement is approximately £2.3bn ($2.9bn).
There was broad cross-party support for the bill during its House of Commons stages, and it passed without amendment.