Business news from Ukraine

Ukraine and Iceland sign security agreement

1 June , 2024  

President of Ukraine Volodymyr Zelenskyy and Prime Minister of Iceland Bjarni Benediktsson signed an agreement on security cooperation and long-term support in Stockholm, the press service of the Ukrainian president reports.

“Iceland has committed itself to providing comprehensive and long-term economic, humanitarian and defense support to Ukraine, as well as to facilitate its future membership in the EU and NATO. During 2024-2028, Iceland will annually allocate at least 4 billion ISK (about $30 million). Support for Ukraine will continue throughout the term of the agreement. Iceland is ready to finance, purchase and supply defense materials and equipment. In addition, it is ready to cooperate with Ukraine in the development of its defense industry,” the statement said.

It is noted that the uniqueness of the agreement lies in the fact that Iceland undertakes to continue to transport military supplies and equipment from NATO allies to Ukraine by chartered cargo aircraft. In addition, Iceland will pay special attention to supporting and equipping Ukrainian women in the Armed Forces of Ukraine.

Separate sections of the agreement relate to support for the Ukrainian peace formula, sanctions against Russia, compensation for damages, and bringing the aggressor to justice. The agreement also provides for the strengthening of social and civilian infrastructure, particularly in the areas of education and energy security.

Iceland also pledges to strengthen its diplomatic mission in Kyiv to deepen cooperation with government agencies, parliament, civil society, and the private sector in Ukraine.

The text of the agreement is published on the website of the President of Ukraine.

Ukraine and Iceland signed an agreement to implement the G7 Vilnius Declaration, which was adopted on July 12, 2023.

In total, Ukraine has signed 14 bilateral security agreements: with the United Kingdom, Germany, France, Denmark, Canada, Italy, the Netherlands, Finland, Latvia, Spain, Belgium, Portugal, Sweden, and Iceland.