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UK Export Finance Update

Volume 710: debated on Tuesday 15 March 2022

The Government are appalled by the unprovoked, barbaric and brutal invasion of Ukraine and will continue to stand strong in supporting Ukraine through both significant economic and humanitarian assistance.

Due to the effects of the Russian aggression, I was advised by UK Export Finance’s (UKEF) Accounting Officer that in his view, the risks involved in the provision of UKEF support in Ukraine no longer met UKEF’s normal underwriting criteria. However, the Government have concluded it is in the national interest for UKEF support to remain available to facilitate the continuation of UK exports to Ukraine. I have, therefore, instructed UKEF to remain open for cover in Ukraine within an overall market appetite of £3.5 billion and to make appropriate arrangements accordingly.

I have also instructed UKEF to cease cover for Russia and Belarus and, as a result, UKEF support for exports to, and investments in, these countries has now been withdrawn.