On Sunday I met brave Ukrainian solders being trained by the British Army in Norfolk.
I was moved by their resolve and their gratitude for all the UK has done to help them win the war. But I was also struck by the need for the UK to continue to punch above its weight in helping them defend their homeland.
Russia’s barbaric, illegal invasion of Ukraine has been going on for almost one thousand days. And every day that passes is one day too many.
I am proud of the actions that both this government and the previous administration have taken in response to Putin’s war. We have now committed £12.8 billion in military, economic and humanitarian support to support Ukraine. And we have welcomed tens of thousands of Ukrainians who have fled the conflict into our homes and our communities.
Our Government’s commitment to the war effort is unwavering. That is why I am today announcing we are stepping up our support by loaning Ukraine more than £2 billion for additional military support.Â
On Sunday I met brave Ukrainian soldiers training with the British Army in Norfolk. The UK must continue to punch above its weight in helping them defend their homeland, writes RACHEL REEVES
Production of artillery shells. We will together with our G7 partners provide Ukraine with a total of $50 billion in loans
Allowing the brave Ukrainian people to continue the fight back against Putin’s war of aggression. Enabling the Ukrainians to invest in key equipment to support their efforts against Russia, such as air defence, artillery and wider equipment support.
And the sting in the tail for Moscow is that the loan will be repaid using profits made from sanctioned Russian sovereign assets held in the European Union.
It’s a groundbreaking scheme that we have been working on with our G7 partners.
Right from the start we have been tough in applying sanctions. That’s slowed Russia down. Without them, Russia would have over $400 billion more – enough to fund this illegal war for a further four years.
And now we are taking the consequences of their illegal invasion further. Using profits from their own assets against them.
And because we are doing this with our G7 partners, we will together provide Ukraine with a total of $50 billion in loans. Supporting their most urgent needs to resist Russia’s aggression.
The loan is also an investment in Britain’s defence. An investment in a secure future for people across our country.
Because while I must take tough choices to ensure we deal with the £22 billion black hole we inherited, I will not jeopardise the UK’s national security.
Ukrainian Army recruits training with members of Britain’s and other international partners’ armed forces at a training base in southern EnglandÂ
Ukrainian soldiers firing a howitzer towards Russian positions in the Donetsk region
Defending Ukraine means defending the British people. A secure Ukraine means a secure UK. Because the frontline for the UK and our European and Atlantic allies is in the Ukrainian trenches.
That is why I am proud of the UK’s record. Why we must hold firm in our ongoing support. And why we must go further.
The Prime Minister has committed £3 billion a year of military support for Ukraine for as long as it takes. And now we are going further with our additional £2.26 billion loan to Ukraine.
Letting Putin continue with his unprovoked aggression means more tragedy for innocent civilians. And it means more economic instability in the UK. We have seen how the war has pushed up energy prices and inflation. A stable world means a stable economy too.
Russia’s assault on Ukraine is a cruel and unprovoked attack against a sovereign democratic state.
We are standing shoulder-to-shoulder with Ukraine because we stand up for the democratic values we share. It is at the front and centre of our national interest.
Ukraine has fought valiantly in defending itself against its much larger neighbour, and it needs our support more than ever.
