Business news from Ukraine

Spain will provide Ukraine with €1 billion in military aid in 2024 and another €5 billion within 3 years

Spain will provide Ukraine with €1 billion in military aid in 2024 and another €5 billion within 3 years

As part of a bilateral security agreement, Spain will provide Ukraine with €1 billion in military aid in 2024 and €5 billion over three years, the Ukrainian Foreign Ministry said.

“…Under the agreement, Spain will provide Ukraine with €1 billion in military aid already this year and €5 billion over three years. The countries have also agreed to provide assistance in economic recovery, support Ukrainian reforms on the way to membership in the EU and NATO and the Formula for Peace, as well as strengthening sanctions against Russia,” the ministry said in a statement published in its Telegram channel on Monday.

As reported, Ukrainian President Volodymyr Zelensky and Spanish Prime Minister Pedro Sanchez signed in Madrid a bilateral agreement on cooperation in the field of security.

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Australia to provide another $100 mln military aid package to Ukraine

The Deputy Prime Minister and Minister of Defense of Australia, Richard Marles, has announced another $100 million package of military assistance to Ukraine.

“Australia will stay with Ukraine for as long as it takes for Ukraine to win this war. To this end, we are today announcing another $100 million package of assistance to Ukraine. $50 million of this amount will be spent on short-range air defense systems, another $30 million will be spent on the purchase of drones, as Australia is part of the Drone Coalition with the UK and Latvia. The remainder will be used to purchase support equipment, from inflatable boats to helmets and boots,” Marles said at a joint briefing with Ukrainian Prime Minister Denys Shmyhal in Lviv on Saturday.

He added that Australia was also able to provide Ukraine with air-to-ground munitions.

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Australia announces transfer of next military aid package to Ukraine

Deputy Prime Minister – Minister of Defense of Australia Richard Marles announced another package of military aid to Ukraine from Australia in 100 million dollars.

“Australia will stay with Ukraine for as long as it takes for Ukraine to win this war. To that end, we are today announcing the next $100 million dollar aid package to Ukraine. 50 million of this will be for short-range air defense systems. Another 30 million will be for drones, as Australia is part of a drone coalition with the UK and Latvia. The remainder of the amount will be used to purchase support equipment, from inflatable boats to helmets and boots,” Marles told a joint briefing with Ukrainian Prime Minister Denis Shmygal in Lviv on Saturday.

He also added that Australia had been able to provide Ukraine with air-to-ground munitions.

“We understand that this conflict will be very long and we will provide more in the future because we are determined to stand with Ukraine for as long as necessary,” the minister stressed.

As Shmygal wrote in Telegram, in total, Australia’s support for Ukraine already amounts to more than $655 million, of which $540 million is specifically military aid.

“We very much appreciate such solidarity of the Australian people with Ukraine. Thank you Mr. Richard Marles for deep involvement in Ukrainian affairs, for effective solidarity, for the concrete things that Australia is doing for Ukraine,” wrote Shmygal.

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President of European Council has said that actions to use proceeds from frozen Russian assets to benefit Ukraine will be swift

European Council President Charles Michel assures that concrete steps to use the proceeds from frozen Russian assets will be taken very quickly so that the first 1 billion euros will be allocated to Ukraine, including for military aid, as early as July 1 this year.

“We have taken a very important decision by making it possible to postpone unexpected revenues – and this is a proposal from the European Commission – and we are determined to act very quickly so that we can take some of this money to support Ukraine, including the possibility of (supporting) military equipment. This demonstrates that the 27 leaders who were around the table understand the gravity of the situation,” he said Thursday in Brussels at a news conference after the European Council meeting.

Michel is convinced that the necessary steps to make the mechanism work will be taken “very quickly”. “These proposals were presented by the Commission yesterday. There is considerable support in the European Council for this approach,” the European Council president said.

According to Michel, the Belgian presidency confirmed that it too “intends to work with all colleagues very quickly”. “This is really very important because there will be more opportunity to support Ukraine with military equipment, with what is urgently needed,” he emphasized.

European Commission President Ursula von der Leyen, in turn, said she was pleased that the leaders had approved the use of emergency revenues from immobilized Russian assets. “This will provide funding to supply Ukraine with military equipment. We can expect to be able to raise €3 billion in 2024 and a similar amount in future years… There is strong support to use the windfall revenues from immobilized assets for military support to Ukraine. I told the leaders that if we act quickly to finalize our proposals, we can disburse 1 billion as early as July 1. The assets are in our hands and if we are quick, there will be concrete actions in the summer,” she explained.

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Ambassadors of EU member states approve 5 billion euros of military aid for Ukraine

Ambassadors of the European Union member states have approved the allocation of 5 billion euros of military aid for Ukraine under the European Peace Facility.

The decision was taken on Wednesday in Brussels on the sidelines of a meeting of the Committee of Permanent Representatives, the Belgian Presidency said on its social media page X.

“A deal! EU ambassadors agreed in principle to reform the European Peace Facility to support Ukraine with a €5 billion budget for 2024. The European Union remains determined to provide long-term support to Ukraine and to ensure that the country receives the military equipment it needs to defend itself,” the presidency said.

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Spain to prepare new military aid package for Ukraine

On Friday, February 23, Ukrainian Foreign Minister Dmytro Kuleba met with Spanish Foreign Minister Jose Manuel Albares.

“During our meeting, I thanked Jose Manuel Albares for Spain’s support and solidarity with Ukraine. Spain will prepare a new package of military assistance to Ukraine, which will include ammunition. We also discussed President Zelenskyy’s Peace Formula and the Global Peace Summit in Switzerland,” Kuleba wrote on social network X.

“We agreed that Ukraine’s accession to the EU is on the right track,” the Foreign Minister added.

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