Sunak: Ukraine loan ‘historic breakthrough’ for G7

Good evening. Let me start by thanking Prime Minister Georgia Maloney and the Italian people for welcoming us all to Puglia. Now I've come to this summit to stand with our allies and friends as we protect the United Kingdom's security, our prosperity and our values. And the stakes could hardly be higher. The world today is more dangerous than it's been for decades. War rages in Ukraine and the Middle East. Conflict, climate change and hunger has displaced more than 100 million people globally. And new technologies like AI create both new opportunities and significant new risks. That's why the UK has made a hard and fast pledge to increase defence spending to 2 1/2 percent of GDP by 20-30. We're taking unprecedented action to stop the boats and reduce migration, and I'm pleased that the G7 has today committed to closer coordination on AI safety, following the Uks lead at Bletchley Park. Because the problems we face are global in nature. So we need global solutions. And that's what I've been arguing for at this G7 summit. First on migration. Illegal migration is now a global emergency. More people are moving across borders than at any time in our history. We cannot stand by and watch this human tragedy unfold. The G7 has focused on dealing with the root causes of migration, including a new package of UK development assistance for Africa and Italy's new Apulia Food Systems initiative to tackle food insecurity. We're also doing more to combat the people traffickers because we all agree that it's for sovereign nations to control their borders and not criminal gangs. And the G7 has today launched a new coalition to counter people smuggling. And I'm particularly pleased that the G7 has also agreed to work together to make sure the governance of migration is increasingly effective and sustainable. The second area of G7 action is on China. China's assertiveness has only intensified since since our last summit in Hiroshima. Their actions threaten to undermine the free and open Indo Pacific. They've conducted cyber targeting of democratically elected British MPs. And China is increasingly working together with other authoritarian states like Iran, North Korea and Russia. Around 80% of Russia's battlefield components come from Chinese companies. And that's why the UK has issued sanctions against Chinese entities interfering with our democracy. It's why we've protected our technologies and supply chains through the National Security Investment Act. And it's why we'll always act in concert with allies to deter China's most aggressive actions and protect our economic security. But we need to keep the pressure on. The UK and others have already sanctioned Chinese entities for facilitating Russia's defence industry. The G7 has now agreed with that principle. So the message is clear. If you prop up Russia's war economy, prolonging this illegal war, you will pay a price. And that leads to my Third Point, the G7's complete and total unity with Ukraine. Ukraine's security is our security. We are in this for the long term. Putin will not outlast us. The UK has committed £3 billion of military aid every year to the end of the decade. We're dialing up the economic pressure on Russia with 50 new sanctions this week alone. And we've just announced over £240 million for reconstruction. But as I've long argued, Russia itself must pay for the destruction it has caused. And now Russia will pay. Because of this summit. The G7 has reached a historic breakthrough. After months of intensive discussions, we've agreed a new loan for Ukraine worth $50 billion. And it will be repaid not by our taxpayers, but by the extraordinary revenues that come from frozen Russian assets in Europe and around the world. This is just and it is right. But true justice will only come when Russia leaves Ukraine. Tomorrow I will be travelling to the Ukraine Peace Summit in Switzerland. Our goal is peace, but it'll let us not confuse peace with surrender. Putin's Russia is the aggressor. They brought war to a peaceful continent, wreak death and devastation on the people of Ukraine, cause famine and hardship around the world. So peace must be based on international law and the UN Charter, and it must be on Ukraine's terms. That is what justice looks like. That is what we must work towards. That is how we secure a future for Ukraine that is peaceful, democratic and free. And we, the G7, will stand united with Ukraine until that day comes. Thank you.