UK to allocate additional $1.32 bn for Ukraine in support for new investments, trade

Amid the rising border tensions between Ukraine and Russia, President of Ukraine Volodymyr Zelenskyy announced on Wednesday that the nation will receive an additional 1 billion British pounds ($1.32 billion) in help and support from the United Kingdom. The Ukrainian president took to Twitter to confirm the British aid and wrote, “Great news from London: the UK will allocate an additional £1-billion in support for Ukraine. That means new investments, trade, security. As a result of my negotiations with @BorisJohnson last year, the total volume of British support increases to £3,5-billion.”  

This announcement came after the UK-Ukraine Strategic Dialogue meeting between the UK Foreign Secretary Liz Truss and Ukrainian Foreign Affairs Minister Dmytro Kuleba on December 8, Wednesday. As per a press release from the UK Foreign, Commonwealth and Development Office, in the wake of the Russian threat, Truss stated that Ukraine's sovereignty and territorial integrity will continue to be supported by the UK, NATO, as well as European partners.

UK Export finance is increasing its support for British exporters in Ukraine

UK Foreign Secretary went on to say that to protect and defend the boundaries of freedom, the British government will stand alongside its allies. She also added that the British government urges Russia to de-escalate tensions and follow through on its international obligations, which include reporting army deployments as well as returning to the negotiating table for genuine discussions. "A Russian incursion would be a strategic mistake and subject to consequences,” Truss stated, as per the release. 

Liz Truss has also highlighted the fact that the UK's training mission to Ukraine, Operation ORBITAL, is largely providing defensive military support by the Boris Johnson government. Furthermore, during the meeting, Truss and Dmytro Kuleba had talked about ways to improve collaboration in a variety of sectors and increase commercial ties. As per the release, Truss said, “I am pleased to announce that UK Export Finance is increasing its support for British exporters in Ukraine to £3.5 billion which will support trade in priority sectors including healthcare, infrastructure and clean energy.” 

In addition to this, Liz emphasised that trade is the key to achieving the full potential of the relationship between both nations. She added that now, it is the time to boost commerce between the two nations and to create new investment possibilities, as well as to assist job creation in Ukraine and throughout the UK.