The Prime Minister will be clear that the UK will lead from
the front on supporting international peace and security as he
attends the G7 Leaders Summit in Italy against a backdrop of
heightened volatility.
At the Summit, the Prime Minister will announce up to £242m
in bilateral assistance to Ukraine, to support immediate
humanitarian, energy and stabilisation needs, and lay the
foundations for longer term economic and social recovery and
reconstruction.
This funding demonstrates the UK's continued international
solidarity with Ukraine, and our flexibility in responding to
immediate needs created by Russian aggression. Critical energy
infrastructure, for example, has suffered from an intense Russian
missile and bombing campaign over the past few
months.
A priority for the PM at the Summit will be to work with partners
to agree a way to use immobilised Russian assets to support
Ukraine. Last month, the Chancellor attended the G7 Finance
Ministers and Central Bank Governors meeting, where the G7
discussed potential avenues to bring forward the extraordinary
profits stemming from these assets, to the benefit of
Ukraine.
The UK and G7 leaders have been clear that Russian must pay for
the damage it is causing Ukraine. We will explore all
lawful avenues by which immobilised Russian
assets can be used to support Ukraine. The
value of the assets held in G7 jurisdictions
is $285bn.
The UK was the first country to introduce legislation explicitly
enabling us to keep sanctions in place until Russia pays for
damage it has caused. We also introduced new powers to compel
sanctioned individuals and entities to disclose assets they hold
in the UK.
Prime Minister said:
“We must be decisive and creative in our efforts to support
Ukraine and end Putin's illegal war at this critical moment. The
UK remains at the forefront of the international response as we
have been from the outset. We must move from ‘as long as it
takes' to ‘whatever it takes' if we are to end this illegal
war.
“From Ukraine to the Middle East, we will be discussing
significant global threats at the Summit. Such threats are why it
is so vital to strengthen the UK's national defence, through our
commitment to spend 2.5% of GDP on defence by
2030.”
The UK has now committed almost £12.7 billion in military,
humanitarian and economic support to Ukraine and has often been
the first mover on vital lethal aid, from Storm Shadow cruise
missiles to a squadron of Challenger 2 tanks.
The Prime Minister recently announced that the UK will send our
largest-ever package of military equipment from the UK, designed
to help push back the Russian invasion on land, sea and
air.
While at the summit, he will attend sessions on Ukraine; Illegal
Migration; Economic Security and China; The Middle East; and a
credible G7 and UK offer to ‘the global majority'.
The Prime Minister will work to encourage G7 unity in response to
the situation on the ground in Gaza, focused on the long-term
goal of a stable and prosperous Middle East.
He will press other leaders to recognise migration challenges
‘across the route' and to take collective action.
He will also seek to strengthen our economic security in relation
to China and work collaboratively with partners to identify ways
to ensure we leverage the revolution in green technologies for
the benefit of the British people and our industries.
ENDS
Notes to editors
- As set out in the general election guidance, international
business continues as normal during the period of the general
election. The announcements made by the Government at the G7
conform to that guidance.
- In line with established convention, the Opposition have
been consulted.
- The £242m funding was allocated prior to the announcement of
an election and is part of the UK's ongoing support to Ukraine,
building on the £695m of UK bilateral assistance to Ukraine from
the start of the full-scale invasion to March 2024.
