IRAN launched drones in a retaliatory attack on Israel last night.
Iran was responding to an Israeli attack on their embassy in Damascus earlier this month in which a senior military leader was killed.
Israeli defences, with the support of US allies, intercepted ‘hundreds’ of missiles in last night’s attack and it’s understood there are few casualties
Words from Prime Minister Rishi Sunak on the Iranian regime’s attack against Israel:
“I condemn in the strongest terms the Iranian regime’s reckless attack against Israel. These strikes risk inflaming tensions and destabilising the region.
“Iran has once again demonstrated that it is intent on sowing chaos in its own backyard.
“The UK will continue to stand up for Israel’s security and that of all our regional partners, including Jordan and Iraq.
“Alongside our allies, we are urgently working to stabilise the situation and prevent further escalation. No one wants to see more bloodshed.”
UK Military Activity in the Middle East
Statement from UK’s Ministry of Defence
In response to increased Iranian threats and the growing risk of escalation in the Middle East, the UK Government has been working with partners across the region to encourage de-escalation and prevent further attacks.
We have moved several additional Royal Air Force jets and air refuelling tankers to the region. These will bolster Operation Shader, which is the UK’s existing counter-Daesh operation in Iraq and Syria. In addition, these UK jets will intercept any airborne attacks within range of our existing missions, as required.
We will continue to cooperate closely with our regional partners in the interest of de-escalation.
The UK Government has issued a statement on the 10th Anniversary of the Russian annexation of Crimea
A Foreign, Commonwealth and Development Office (FCDO) spokesperson said: “Ten years ago Russia illegally, and unacceptably sought to annex Crimea. An action which, eight years later was used to launch its full-scale invasion into Ukraine.
“Today, Russia continues to deprive Ukrainians in Crimea of their liberty, waging a brutal and systematic campaign of human rights abuses and violations. This is unacceptable, and Russia must be held to account.
“We want to be clear that the UK will never recognise Russia’s illegal claims to the region, or to any Ukrainian territory and that we will continue to do all we can to stop Putin’s war machine, and support Ukraine in their fight, for as long as it takes.”
Prime Minister Rishi Sunak has made a statement to mark the second anniversary of Russia’s invasion of Ukraine:
When Putin launched his illegal invasion two years ago, the free world was united in its response. We stood together behind Ukraine. And on this grim anniversary, we must renew our determination.
I was in Kyiv just a few weeks ago and I met wounded Ukrainian soldiers. Each harrowing story was a reminder of Ukraine’s courage in the face of terrible suffering.
It was a reminder of the price they are paying not only to defend their country against a completely unjustified invasion, but also to defend the very principles of freedom, sovereignty and the rule of law, on which we all depend.
The UK is going further in our support. I announced last month the biggest single package of defence aid to Ukraine, taking our total support to £12 billion and signed a ten-year agreement on security cooperation – the first of its kind.
This is the moment to show that tyranny will never triumph and to say once again that we will stand with Ukraine today and tomorrow.
We are prepared to do whatever it takes, for as long as it takes, until they prevail.
First Minister Humza Yousaf to attend Ukrainian memorial service
Solidarity with Ukraine
On the second anniversary of the Russian invasion of Ukraine, the First Minister will attend a service held at Edinburgh Castle in memory of those who have died during the conflict.
The event is a collaboration between the Consulate of Ukraine in Edinburgh, the Association of Ukrainians in Great Britain (AUGB) Edinburgh Branch and the Ukrainian Catholic Church in Great Britain.
During the service, the First Minister will deliver a reading as well as lay a wreath alongside Mr Andrii Kuslii, Consulate of Ukraine in Edinburgh and members of the Ukrainian communities living in Scotland.
First Minister Humza Yousaf said: “On the second anniversary of Vladimir Putin’s war of aggression against Ukraine, I want to make it clear that the people of Scotland remain steadfast in support of the country and its brave citizens.
“Ukrainians are fighting for freedom, the rule of law, and the right of countries across Europe to coexist in peace and security.
“As we mourn the sacrifices of the Ukrainian people, we also look ahead positively, hoping for a day soon when Ukraine can live in peace as a free, sovereign, European nation.”
‘YESTERDAY, at the direction of their respective governments, the militaries of the United States and United Kingdom, with support from Australia, Bahrain, Canada, Denmark, the Netherlands, and New Zealand conducted an additional round of proportionate and necessary strikes against 36 Houthi targets across 13 locations in Yemen in response to the Houthis’ continued attacks against international and commercial shipping as well as naval vessels transiting the Red Sea.
‘These precision strikes are intended to disrupt and degrade the capabilities that the Houthis use to threaten global trade, and the lives of innocent mariners, and are in response to a series of illegal, dangerous, and destabilizing Houthi actions since previous coalition strikes on January 11 and 22, 2024, including the January 27 attack which struck and set ablaze the Marshall Islands-flagged oil tanker M/V Marlin Luanda.
‘Today’s strike specifically targeted sites associated with the Houthis’ deeply buried weapons storage facilities, missile systems and launchers, air defense systems, and radars.
‘The Houthis’ now more than 30 attacks on commercial vessels and naval vessels since mid-November constitute an international challenge. Recognizing the broad consensus of the international community, our coalition of likeminded countries committed to upholding the rules-based order has continued to grow.
‘We remain committed to protecting freedom of navigation and international commerce and holding the Houthis accountable for their illegal and unjustifiable attacks on commercial shipping and naval vessels.
‘Our aim remains to de-escalate tensions and restore stability in the Red Sea but let us reiterate our warning to Houthi leadership: we will not hesitate to continue to defend lives and the free flow of commerce in one of the world’s most critical waterways in the face of continued threats.”
UK DEFENCE AND ARMED FORCES STATEMENT:
On 3 February, Royal Air Force Typhoon FGR4s, supported by Voyager tankers, joined US forces in further deliberate strikes against Houthi locations in Yemen involved in their campaign targeting shipping in the Bab al Mandab and southern Red Sea.
The Typhoons employed Paveway IV precision guided bombs against multiple military targets identified by careful intelligence analysis at three locations.
At As Salif, due west of Sanaa on the Red Sea coast, our aircraft targeted a ground control station inside a defensive position. This station had been used to control Houthi drones, both attack and reconnaissance types, launched from further inland, operating over the sea against international shipping.
A second drone ground control station was confirmed to be at Al Munirah, on the same stretch of coastline. As with As Salif, the station provided direct control of reconnaissance and attack drones targeting shipping in the Red Sea, its position on the coast allowing it to maintain the line of sight data links such weapons require to target ships with any accuracy.
The Typhoons also attacked a significant number of targets at Bani. An initial group of facilities there were successfully struck by the RAF on the night of 11 January, and since then a further set of buildings at the site had been positively confirmed as involved in the Houthi drone and missile operations and were duly targeted on this occasion.
As is standard practice with such operations by the Royal Air Force, the strikes were very carefully planned to ensure minimal risk of civilian casualties, and by bombing at night, any such risks were further mitigated
Statement by Ambassador Barbara Woodward at yesterday’s UN Security Council meeting on Sudan:
Thank you, President. And may I start by thanking SRSG Volker Perthes, ASG Joyce Msuya, Her Excellency Fatima Mohamed and Special Envoy, Ismael Wais.
SRSG, can I begin by paying tribute to your tireless work, to the work of the UNITAMS team, to the UN agencies and NGO implementing partners on the ground. We are very relieved that the operation to evacuate and relocate international and UN workers was successful and we thank you and your teams for your commitment and dedication to Sudan, and extend our condolences to those colleagues who have lost their lives.
For the UK, we carried out our own operation to evacuate British embassy personnel on 23 April and today we have begun flying out British Nationals.
We would like to thank our international partners for their co-operation in these efforts. Our priority continues to be the safety of all British nationals in Sudan and support to those in need.
The United Kingdom unequivocally condemns the military clashes that continue to take place across Sudan. We echo the Secretary General’s calls for peace and especially for an end to attacks on civilians, and humanitarian workers.
Hundreds have died, thousands are injured. Adding to acute humanitarian needs across the country.
We welcome the 72-hour ceasefire brokered yesterday by the United States, but we are concerned by reports that once again the parties have failed to uphold their commitments.
We call on both the Sudanese Armed Forces and the Rapid Support Forces immediately to establish a lasting ceasefire across the country and we are in direct contact with the SAF and RSF leadership to end the violence and de-escalate tensions.
We call on both sides to allow humanitarian access, comply with their obligations under international humanitarian law, and ensure the protection of civilians, humanitarian and medical workers.
We welcome and encourage continued regional and diplomatic initiatives including those set out today. We will continue to work with all Council members and the UN Secretary-General, to ensure the Council supports efforts towards an end to fighting, a permanent ceasefire and a political resolution.
In closing, we stand in solidarity with the Sudanese people in their demands for a peaceful and democratic future.
Scottish Government call to provide safe routes for people in need of protection
Holyrood’s External Affairs Secretary Angus Robertson has written to the Foreign Secretary to express the Scottish Government’s deep concern over the current conflict in Sudan.
In the letter, Mr Robertson said a number of Scots and family members had been in touch with the Scottish Government and he thanked all those in the Armed Forces and UK Government currently working on evacuation efforts.
Mr Robertson also called for eligibility criteria to be eased to enable Sudanese citizens to be reunited with family members already in the UK, and for consideration to be given to the evacuation of non-British nationals who have worked for UK interests in Sudan.
The letter reads:
Dear James,
The Scottish Government stands with the UK Government and international community in deep concern over the spiralling violence in Sudan. While the current, fragile ceasefire is welcome, the situation appears bleak for Sudan, and the wider region, and we fully echo the UK Government’s call for a genuine and lasting ceasefire.
The safety of British Nationals in Sudan is of significant concern to the Scottish Government and a number of Scots and family members have been in touch with the Scottish Government. We fully support the UK Government’s evacuation of all British passport holders and I would like to place on record my sincere thanks to those in the Armed Forces and across the UK Government who are working on this.
The Scottish Government also wanted to put on record our deep concern for Sudanese people at risk in this crisis who will be looking for safe passage out of Sudan. In particular:
We would call for consideration by the UK Government of evacuating non-British nationals who have worked for UK interests in Sudan.
Secondly we would ask for eased eligibility criteria for family reunion to enable Sudanese citizens to be reunited with family members already in the UK.
We seek your assurance that the Home Office asylum caseworker guidance on Sudan has been updated. While I understand that each asylum application must be considered on its individual merits, asylum applications from Sudanese nationals in the UK should be considered quickly and compassionately. I also expect the Home Office to urgently review any cases which are in the asylum appeals process or where people have previously been refused asylum on the basis that any part of Sudan is safe.
And finally we would be grateful to know what the UK Government is doing, in partnership with the international community, to provide safe routes for people in Sudan in need of protection.
Within Sudan the humanitarian situation is now critical. Indeed, as the Minister of State for Development and Africa updated the House of Commons yesterday, approximately 16 million people are in need of humanitarian assistance. This is deeply concerning, particularly given a global context where humanitarian needs are severe in a number of regions around the world.
The UK Government and the wider international community must do everything possible to provide urgent humanitarian assistance to vulnerable people in need. Like you, I am shocked and saddened that 5 aid workers have been killed during the current violence in Sudan, and we condemn any and all attacks against humanitarian workers.
The situation in Sudan is incredibly grave. I urge the UK Government to do everything possible to work with international partners to address the humanitarian situation and to offer protection for those fleeing the violence.
A joint statement with France, Germany, Italy, Poland and Spain on Israel and the Occupied Palestinian Territories:
France, Germany, Italy, Poland, Spain and the United Kingdom, express their grave concern in the face of the continuing, growing violence in the occupied Palestinian territories.
We strongly condemn recent terrorist attacks that killed Israeli citizens. Terrorism can under no circumstance be justified.
We also strongly condemn indiscriminate violence by Israeli settlers against Palestinian civilians, including destruction of homes and properties.
We are saddened by all loss of life. These acts can lead nowhere, except to more violence. Those responsible must face full accountability and legal prosecution. All unilateral actions that threaten peace and incitement to violence must cease.
There has been a spark of hope coming from the recent meeting in Aqaba, where Israelis and Palestinians both affirmed reciprocal commitments, including on efforts to de-escalate and work towards a just and lasting peace.
Such a result is a first in many years, and we thank the United States of America and Kingdom of Jordan for making it possible. We urge all parties to refrain from making this fragile process derail, and call on all parties to make good on the commitments they made in the Aqaba meeting by de-escalating in words and deeds and to restore calm, in order for those efforts to blossom and to make the next meeting in Egypt a success.
There can be no desirable outcome other than a just and lasting peace for all. In this regard, we also reiterate our strong opposition to all unilateral measures that undermine the Two-state solution, including expansion of settlements which are illegal under international law.
We urge the Israeli government to reverse its recent decision to advance the construction of more than 7,000 settlement building units across the occupied West Bank and to legalize settlement outposts.
The United Kingdom and international coalition partners have announced price caps on Russian oil products
The Price Cap Coalition of the G7, the European Union and Australia have set caps on the price of seaborne Russian oil products, effective from 05 February 2023.
High-value Russian exports such as diesel and gasoline, will be capped at $100 while lower-value products such as fuel oil will be capped at $45.
Chancellor Jeremy Hunt hails the efforts of the UK and its allies in throttling the revenues fuelling Vladimir Putin’s illegal war in Ukraine.
The UK and its coalition partners will only provide services facilitating the maritime transport of refined oil products originating in Russia if the goods are traded at or beneath the cap levels of $100 for high-value products like diesel and $45 for low-value products like fuel oil. These prices will be kept under review.
This follows the $60 price cap on Russian crude oil that came into force on 5 December last year. Initial signs suggest that the crude oil cap is successfully curtailing Putin’s ability to use revenues from oil sales to finance his illegal war while minimising disruption to global supply. Russia’s flagship crude oil is now selling around $40 lower than global benchmarks.
The UK government has already introduced an import ban on Russian oil products; therefore, the caps will not be used by the UK.
Chancellor of the Exchequer, Jeremy Hunt, said: “Undermining Putin’s war machine through further sanctions on its funding streams will ensure the Russian government faces the full consequences of its unjustifiable actions.
“The UK has already banned the import of Russian oil products, and we stand shoulder to shoulder with our allies in continuing to pile the pressure on Putin’s revenues while standing in solidarity with the Ukrainian people.”
G7 finance ministers agreed to capping the price of Russian seaborne oil and refined oil products in September 2022 as a way of undermining Putin’s ability to fund his illegal war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil.
The UK has been front footed in its engagement with international allies and has worked closely with industry and US partners to lead design of the caps. This collaboration has been key given the major role of UK services in facilitating maritime trade. For example, the UK is a global leader in the provision of protection and indemnity (P&I) insurance cover which relates to third-part liability claims – 60% of the global cover provided by the International Group of the P&I clubs is written in the UK.
Given the number of varied oil products on the market, two caps have been introduced to cover two categories of refined oil products. ‘Premium-to-crude’ products are those of high export value often used for transport and electricity generation, such as kerosene-based jet fuel and diesel, while ‘discount-to-crude’ pertains to products of a lesser value like naphtha. The two-cap approach has been introduced as this is the simplest to implement and most workable for industry.
The Prime Minister’s press conference remarks at the NATO Summit in Madrid:
This has been a highly successful and historic NATO Summit in which we have once again exceeded expectations in the unity and single mindedness with which this alliance is confronting Putin’s illegal and barbaric invasion of Ukraine.
After 127 days of war we in NATO are now more resolved than ever that Europe’s boundaries cannot be changed by force and that we must give the Ukrainians the means to protect themselves. And we are.
In the last few days virtually everyone around the table has agreed to give more to help.
And at the same we have to recognise the impacts that this brutal invasion are being felt around the world. In Africa, in Latin America, in Asia – there is not a country that is not being affected now by the surge in energy prices and the shortages of food and fertiliser.
And so just as we in the UK are focused on helping people next month, in July to the 8 million households with £1200 with more help to come, £400 for every family to help with the cost of living and energy. So too, the governments of the Commonwealth, of the G7 and NATO are determined to work together to ease the pressure around the world, whether that means getting the grain from Ukraine or encouraging moves to increase global energy supplies or helping countries to find alternative sources of fertiliser
And we must frankly recognise that not every country takes the same view of Putin’s invasion or sees it in the way that we do. And so we have agreed that we have to explode some myths.
We have to explode the myth that western sanctions are in some way responsible for these price spikes when of course it is the Russian invasion that has caused the shortages of food and Putin’s blockade that are stopping the grain leaving Ukrainian ports.
We need to explode the myth that NATO was in any way responsible for provoking the conflict. Nothing could be further from the truth. And if you want proof that this is a purely defensive alliance, you could have no more eloquent testimony than the accession of Finland and Sweden – quintessentially peace loving countries that have been neutral for decades.
The fact that these two paladins for peace have joined NATO tells you all you need to know about NATO and all you need to know about Putin.
We need to show the global south that we are the partners they need and that we NATO countries and that we’re there to help them as they make the transition to a green future and that they should beware the trap of running up huge debts to other countries that do not share our values and maybe do not have their best interests at heart.
And the final myth we need to debunk is that when it comes to crisis such as this, western democracies, because of the pressures that politicians face, do not have the same staying power.
And I think If Ukraine were to be crushed or forced into a bad peace, the consequences for freedom around the world would be appalling.
And that view is shared by everyone in NATO, so let us be absolutely clear, the best way for us to win the argument around the world about our values, what we stand for, about our opposition to the use of force to change boundaries, about international law. The best way to win that argument is for the Ukrainians to win and for Putin to fail in Ukraine.
That’s why I’m pleased today we have announced another billion pounds worth of military support. And if you wanted evidence of the amazing ability of the Ukrainians to fight back, to overcome adversity to repel the Russians, then then look at what has happened just today on Snake Island where Russia has had to cede ground.
In the end it will prove impossible for Putin to hold down a country that will not accept his rule.
This has been a crucial summit in that we are resolved not just to support Ukraine, but we have agreed a new strategic concept, we are moving beyond the doctrine of tripwire deterrence on NATO’s eastern flank to a new approach of defence deterrence by denial. And countries around the table are also recognising that they must spend more.
And in our case that means meeting, and being prepared to exceed, the target we set for ourselves a decade ago of everybody spending 2% of our GDP on defence, goals which were then set for a very different era. What we are saying is that we want Jens Stoltenberg, the General Secretary to start work on that new target now and he has agreed to do that.
We need to invest for the long term, in vital capabilities like future combat air, while simultaneously adapting to a more dangerous and competitive world. The logical conclusion of the investments we propose to embark, of these decisions, is 2.5% of GDP on Defence by the end of the decade.
I want to say a big thank you to our Spanish hosts, and I think they have done an amazing job and thanks to Jens Stoltenberg, and say at the end of this Madrid Summit – the NATO alliance is plainly in robust health and getting stronger, with new members and a renewed purpose.
We can see that our work is cut out and we can see that there are billions of people around the world, swing voters, who need to hear and understand our arguments, but we have a huge advantage of knowing what we want, in believing in our ideas and having the means to do what we want to do, and above all we are united and, if history is any guide, then I believe that this great alliance will again be successful.
UK will give £25 million to found a new World Bank fund to prevent, prepare for and respond to future devastating pandemics
Investment in preventing future pandemics can stop the devastating human and economic impact of COVID-19 happening again
Prime Minister Boris Johnson has announced £25 million of UK aid backing for a new fund to ensure the world is better prepared to defeat future pandemics.
Hosted by the World Bank, the ‘Financial Intermediary Fund’ for pandemic prevention, preparedness and response will provide funding to countries whose healthcare systems are dangerously unprepared for the challenges caused by large outbreaks of infectious diseases. It will ensure they can quickly respond to, and as far as possible contain, outbreaks before they spread across the world.
The COVID-19 pandemic has led to at least 6.2 million deaths across the world and caused far-reaching economic devastation.
Stopping a pandemic like this ever happening again will require a concerted and coordinated international effort.
At the G7 Summit today (Monday), leaders will discuss the importance of helping countries manage Covid as an endemic disease and the pressing need to invest in preparedness and other measures to prevent history repeating itself.
The new fund will help fill some of the financing gaps exposed by COVID-19, particularly insufficient financing for preparedness in national health systems and disease surveillance at country, regional and global levels. Crucially, the fund can help catalyse countries’ own financing, so the world is as equipped as possible whenever and wherever a new public health risk emerges.
The Prime Minister said: “While the worst days of the coronavirus pandemic are, thankfully, behind us, we cannot be complacent. The next potential pandemic could emerge any moment and with it the devastating human and economic consequences we have experienced over the last two and a half years.
“We must ensure we learn the lessons of COVID-19 and are better prepared next time. We owe it to the people of the world to say, ‘never again’.”
The chance of a pandemic on the scale of COVID-19 occurring in the next 25 years could be as high as 50%, and a key lesson of the coronavirus pandemic is that even small investments in pandemic preparedness can have huge returns.
By contributing to preparedness in the short term, we can avoid huge economic damage in the long-term.
Under the UK’s G7 Presidency last year, the Prime Minister drove forward international work on pandemic preparedness under his ‘five point plan’ and the 100 Days Mission, work on which was led by Sir Patrick Vallance.
This included launching a worldwide network of zoonotic research hubs, increasing the global manufacturing capacity for treatment and vaccines, designing a new early warning system and agreeing global protocols for a future health emergency.
The UK also hosted a Global Pandemic Preparedness Summit in March, which raised over £1.2 billion to develop variant-proof coronavirus vaccines and speed up the process of developing vaccines against future health threats so this can be done in under 100 days.
David Malpass, President of the World Bank Group, said: “I welcome the UK’s support for the new Financial Intermediary Fund to strengthen pandemic prevention, preparedness, and response functions in developing countries.
“The fund will provide a dedicated stream of additional, long-term funding to complement the work of existing institutions and operate with high standards of transparency and accountability.
“COVID-19 highlighted the urgent need for coordinated action to build stronger health systems and mobilise additional resources to prepare for the next pandemic in countries, regions, and around the world.”
At the G7 Summit last year, the UK galvanised international action to donate 870 million coronavirus vaccines to those who need them. This commitment, combined with UK and other investments to support the development and rapid manufacturing scale-up of COVID-19 vaccines, turned the tide on Covid around the world. Two-thirds of the global population have received at least one dose of the Covid vaccine.
The supply of coronavirus vaccines now outstrips demand and UK efforts are therefore focused on action to end the acute phase of the pandemic, help countries manage COVID-19 as an endemic disease and prepare for the next health threat.
Governments, NGOs and private donors have been encouraged to donate to the Financial Intermediary Fund, which was called for by G20 Finance Ministers in April.
The funding announced by the Prime Minister today will establish the UK as a founding donor to the fund, alongside the US, EU and others.
PM to tell G7 leaders: We must keep up our resolve on Ukraine
Prime Minister Boris Johnson will tell G7 leaders that any sign of fatigue or wavering in Western support for Ukraine will play directly into President Putin’s hands.
PM will tell major summit of democratic leaders that President Zelenskyy needs western backing more than ever
Meeting in Germany an opportunity for Western leaders to demonstrate to Ukraine, Russia and the world that we will support Ukraine for as long as it takes
UK is ready to guarantee another half a billion dollars in loans to the Ukrainian Government, bringing total UK economic and humanitarian support to over £1.5bn
Any sign of fatigue or wavering in Western support for Ukraine will play directly into President Putin’s hands, the Prime Minister will tell world leaders this week at the first in-person gathering of G7 leaders since Putin’s full-scale invasion of Ukraine.
The first few weeks and months of the Ukrainian resistance have been characterised by overwhelming global unity and a huge surge of support for the Ukrainian people. It is essential that this is sustained for the long term. Russia’s behaviour and the atrocities Putin is committing must not become normalised in the eyes of the world.
During his second visit to Kyiv since the outbreak of war last week, the Prime Minister spoke to President Zelenskyy about the urgent needs of the Ukrainian Government. This includes military support, opening up the routes out of the country blockaded by the Russian military and urgent financial support to allow the Ukrainian state to function.
The Ukrainian Government fears it could run out of funding by the autumn unless it is given urgent financial help. To help with this pressing need the UK stands ready to provide another $525 million (or £429 million) in guarantees for World Bank lending later this year.
The new support announced today brings the total amount of fiscal support including UK loan guarantees to £1.3 billion ($1.5 billion) and the combined UK economic and humanitarian support to Ukraine to £1.5 billion ($1.8 billion) this year.
President Zelenskyy will virtually address the G7 Summit today. Following his address, the Prime Minister will use an intervention at the Summit to rally support for Ukraine.
He will encourage all G7 countries to back Ukraine in the long-term, building on the significant pledges already made since February.
The Prime Minister said: “Future generations will be awed and inspired by the truly heroic Ukrainian resistance in the face of Putin’s barbarism.
“Ukraine can win and it will win. But they need our backing to do so. Now is not the time to give up on Ukraine.
“The UK will continue to back Ukraine every step of the way, because we know that their security is our security, and their freedom is our freedom.”
UK loan guarantees are playing an important role in closing Ukraine’s financing gap, enabling Multilateral Development Banks like the World Bank to lend far more than they otherwise could to the Ukrainian Government. This lending is covering costs like Ukrainian public sector wages, and the running of schools and hospitals.
These investments will help preserve the Ukrainian state. The UK only covers the cost of the loan if the Ukrainian Government is unable to pay. They are therefore both an investment in Ukraine’s strategic resilience and an expression of confidence in the country’s future.
Without international support, the Ukrainian Government would be forced to pursue paths which compromise their macro-economic stability and long-term economic security, including running down reserves and printing money. Policies like these would directly lead to mass inflation and humanitarian catastrophe in the country.
