The European Union and the United Kingdom stand firm in their support of Ukraine and our commitment to support Ukraine as long as it takes to bring Russia’s illegal war of aggression to an end and secure a comprehensive, just and lasting peace.
Today, we welcome the signature of a contractual agreement marking the end of negotiations on the UK’s participation under the €90 billion Ukraine Support Loan.
This is an important step towards the participation of the UK allowing Ukraine to procure, under the Ukraine Support Loan, from a larger pool of defence manufacturers, ensuring they have the capabilities to withstand Russian aggression. The UK will provide a fair and proportionate contribution to the costs arising from borrowing, commensurate with the value of contracts awarded to UK companies.
The loan is providing Ukraine with the predictable financial support it needs, both for budget support and defence spending, over the next two years. €7.1 billion was disbursed in June with €3.2 billion for budget and nearly €3.9 billion for defence, with a further defence disbursement expected this week.
The United Kingdom and the European Union jointly recognise today’s agreement as a demonstration of their shared commitment to Ukraine, and of the closely interconnected and interdependent nature of the defence industrial bases of the Union and of the UK.
We continue to work closely with international partners to strengthen Ukraine’s resilience, support its economy, and help meet its immediate and longer-term needs.
European security is strongest when allies stand together. The Ukraine Support Loan is also a vital investment in European security – a strong, sovereign and secure Ukraine is essential to the security and stability of Europe as a whole, and to deterring future aggression.