£78bn Ukraine Fund: UK Set for Key EU Talks

The UK intends to initiate talks to join a £78 billion (€90 billion) European Union loan scheme, which is viewed as vital assistance for Ukraine.

Sir Keir Starmer is set to outline the UK's plans on Monday at the European Political Community (EPC) summit taking place in Armenia; this also signals the government's desire to forge even stronger ties with the European Union.

The Prime Minister stated that the objective of these discussions is to bolster Ukraine's security while also securing access to future contracts for UK companies.

On Sunday, he met with Volodymyr Zelensky in Armenia. During the meeting, the Ukrainian President asked Sir Keir to convey his "message of goodwill and gratitude" to King Charles III. Zelensky expressed his thanks to King Charles III for the "very strong remarks" he had made in support of Ukraine during his recent state visit to the United States.

Ahead of the EPC summit, the two leaders held talks at a hotel in Yerevan, the capital of Armenia. Heads of state and government from 48 nations have been invited to attend the summit.

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Speaking on Monday, Sir Keir affirmed that the UK stands "ready to do what is necessary" alongside its allies to ensure that Ukraine receives "the support it needs, and that the necessary pressure is applied to Russia—to ensure that we secure a just and lasting peace, and a peace that is right for Ukraine."

Downing Street indicated that the UK is expected to impose further sanctions on Russian companies this week. These sanctions are aimed at disrupting Russia's military supply chains. Ahead of the EPC meeting—the first of which took place in October 2022, a few months after Russia launched its full-scale invasion of Ukraine—Sir Keir stated that when the UK and the EU work together, "we all benefit." He added: "In these volatile times, we must go further and faster in the realm of defense to keep people safe.

"That is why we are initiating talks with the EU: to ensure that Ukraine receives the equipment it needs to defend its freedom, while also providing British industry with the opportunity to play its full part."

Last month, EU leaders approved a deal to provide Ukraine with €90 billion in loans over the next two years, after Hungary lifted its veto; Ukraine's Deputy Prime Minister, Taras Kachka, described this funding as a "matter of life and death."

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Two-thirds of this sum will be allocated to bolstering Ukraine's defense capabilities, while the remainder will be directed toward broader financial assistance.

Number 10 also indicated that Sir Keir would discuss the situation in the Middle East with European partners at the EPC meeting.

This discussion is also expected to cover how they can contribute to security in the Strait of Hormuz.

In response to a bombing campaign launched by the US and Israel in February, Iran has significantly restricted traffic through this vital route for oil transport.

Sir Keir has repeatedly expressed a desire to reset relations with Europe—including fostering closer ties in the spheres of security and economics—but he has also emphasized that this does not entail reversing Brexit.

Last month, the Conservative and Reform UK parties voiced strong opposition to a government proposal that would have enacted legislation allowing the UK to adopt new EU laws without requiring a full parliamentary vote on each specific instance.


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