New UK defense secretary announces fresh weapons for Kiev
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The package would include 50 light military boats, 40 demining vehicles, and 61 bulldozers for defensive positions.
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Illustrative photo of Britain's military officers stand next to a Challenger 2 tank at the Tapa Military Camp, in Estonia, Thursday, January 19, 2023 (AP)
The UK's recently appointed defense minister, John Healey revealed intentions on Sunday to supply Ukraine with a new shipment of weaponry, including 90 Brimstone missiles, artillery guns, and 250,000 ammo rounds.
A UK's Defense Ministry statement detailed that Healey announced the UK would give Ukraine a new package "including more artillery guns, a quarter of a million ammunition rounds, and nearly 100 precision Brimstone missiles."
The package would also include 50 light military boats, 40 demining vehicles, and 61 bulldozers for defensive positions, the statement detailed.
According to the UK Defense Ministry, the package will include 10 AS-90 artillery guns, and 32 replacement 155mm gun barrels.
UK urged to protect Ukraine from legal action over private debts
Campaigners are lobbying Britain's incoming Labour administration to stop Ukraine from being sued in UK courts if it fails to pay its obligations to private creditors.
Debt Justice stated that a two-year moratorium on Ukraine's debt payments was set to expire on August 1, and that action was required to shield Kiev from potential legal action from its creditors.
Ukraine is negotiating with bondholders for a 60% debt writedown on the $24 billion (£18.7 billion) owed to private creditors. Bondholders, who include major financial firms such as BlackRock, Pimco, Fidelity, and AllianceBernstein, have shown their willingness to accept a 20% loss.
Bilateral creditors, notably the United Kingdom, have agreed to prolong the suspension of debt payments until 2027, but no deal has been reached with private creditors. The assistance provided by private creditors amounts to around 12% of Ukraine's yearly national product (GDP).
Unless a settlement is reached or a two-year moratorium is extended by the end of this month, Ukraine will legally default on its obligations in September.
Kiev is concerned that if the 1 August deadline lapses, asset managers will sell their bonds to hedge funds, who will then sue. All of Ukraine's bonds are regulated by British law, thus any legal proceedings would take place in the United Kingdom.
According to Heidi Chow, Debt Justice's executive director, Ukraine "should not have to fight off shameless bondholders" while it "resists an invasion."
“These loans were given at high interest because of the supposed risk. That risk materialized the day Russia invaded.”
