The Prime Minister will intensify his efforts in pursuit of a just and lasting peace in Ukraine by convening international leaders at a summit in London today
Prime Minister Sir Keir Starmer will intensify his efforts in pursuit of a just and lasting peace in Ukraine by convening international leaders at a summit in London today.
The Prime Minister has this weekend reiterated his unwavering support for Ukraine and is determined to find a way forward that brings an end to Russia’s illegal war and guarantees Ukraine a lasting peace based on sovereignty and security.
The summit rounds off a week of intense diplomacy for the Prime Minister, which has seen him raise UK defence spending and travel to Washington D.C. for productive talks with President Trump in support of UK and European security. The Prime Minister spoke again with both President Trump and President Zelenskyy on Friday evening following the events of yesterday at the Presidents’ meeting in Washington D.C.
The Prime Minister will welcome Italy’s Prime Minister Giorgia Meloni to Downing Street this morning, before being joined at the summit in central London by the leaders of Ukraine, France, Germany, Denmark, Italy, Netherlands, Norway, Poland, Spain, Canada, Finland, Sweden, Czechia and Romania. The Turkish Foreign Minister, NATO Secretary General and the Presidents of the European Commission and European Council will also attend.
The Prime Minister has been clear that there can be no negotiations about Ukraine without Ukraine, a determination he reiterated when he warmly welcomed President Zelenskyy to Downing Street on Saturday evening ahead of the summit.
Discussions at the summit will focus on:
- Strengthening Ukraine’s position now – including ongoing military support and increased economic pressure on Russia.
- The need for a strong lasting deal that delivers a permanent peace in Ukraine and ensures that Ukraine is able to deter and defend against future Russian attack.
- Next steps on planning for strong security guarantees.
Following the announcement earlier this week that the UK will spend 2.5% of its GDP on defence by 2027, the Prime Minister will be clear on the need for Europe to play its part on defence and step up for the good of collective security.
The UK has already been clear it is willing to support Ukraine’s future security with troops on the ground.
Prime Minister Keir Starmer 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.
“Now is the time for us to unite in order to guarantee the best outcome for Ukraine, protect European security, and secure our collective future.”
UK reinforces support for Ukraine with £2.26 billion loan
- The £2.26 billion loan will bolster Ukrainian military capability, and will be paid back using profits generated on sanctioned Russian sovereign assets.
- Chancellor Rachel Reeves and Ukrainian Finance Minister Sergii Marchenko signed the formal loan agreement yesterday (Saturday 1 March), with the first tranche of funding expected to reach Ukraine later next week.
- The loan demonstrates the UK’s commitment to Ukrainian defence. A strong Ukraine is vital to UK national security – the first duty of any government and central to the Plan for Change.
Chancellor Rachel Reeves and Ukraine’s Finance Minister Sergii Marchenko have signed the UK-Ukraine Bilateral agreement.
This agreement will deliver £2.26 billion in funding to Ukraine, which will be paid back using the extraordinary profits generated on sanctioned Russian sovereign assets held in the EU.
This is the UK’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme, through which G7 countries will collectively provide $50 billion to support Ukraine.
Chancellor of the Exchequer Rachel Reeves 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.
“It comes as we have increased our defence spending to 2.5% of GDP, which will deliver the stability required to keep us safe and underpin economic growth.”
The loan will be fully earmarked for military procurement to bolster Ukraine’s defences, with the first tranche of funding expected to be disbursed to Ukraine next week.
Russia’s obligation under international law to pay for the damage it has caused to Ukraine is clear and this G7 agreement, backed by the profits generated on sanctioned Russian sovereign assets, is an important step to ensuring this happens.
The funding will be delivered in three equal annual payments of £752m.
The announcement of the loan agreement is on top of the £3 billion a year commitment by the UK to provide military aid for Ukraine. The Prime Minister has been clear that a strong Ukraine is vital to UK national security.
This loan follows the announcement by the Prime Minister committing the Government to increase UK defence spending to 2.5% of GDP by 2027, with an ambition to spend 3% of GDP on defence in the next parliament as economic and fiscal conditions allow.
This represents the biggest sustained increase in defence spending since the Cold War, safeguarding our collective security and funding the capabilities, technology and industrial capacity needed to keep the UK and our allies safe for generations to come.
As set out in the Plan for Change, national security is the first duty of the government, and investment in defence will protect UK citizens from threats at home while also creating a secure and stable environment for economic growth.