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June 3, 2022

Sweden plans more military, financial aid for Ukraine

The Government of Sweden has proposed to support Ukraine with more financial and military aid by adopting an additional amending budget.

The Government of Sweden has proposed to support Ukraine with more financial and military aid by adopting an additional amending budget.

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Latest Updates on the Ukraine/Russia Crisis

Whilst at its core a humanitarian crisis, the Russian invasion of Ukraine risks adding materially to existing global economic and supply challenges. We are likely heading into a period in which geopolitics will become a regular part of boardroom discussions. Recent developments have seen Russian companies make significant progress around the world to supply countries with equipment in various Aerospace, Defense & Security sectors. This means that countries dependent on Russian arms for their security calculations should review all purchases and clauses regarding their programs and payments. Download GlobalData’s 5th Ukraine Conflict Executive Briefing to learn more. This report is part of a continued series that is renewed monthly with the latest data and analysis, as the conflict develops and has wider implications across sectors. Access the latest macro-economic forecasts, charts with the latest data, and our updated sanctions tracker, as well as our updated sector scorecards to reflect the current views on the impact of the crisis at a company level.
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Sweden plans to set aside SEK578m ($59.10m) as additional financial contribution to the National Bank of Ukraine’s special fundraising account. This will offer support to Ukrainian armed forces in this hour of crisis.

As per the proposal, Sweden also plans to supply defence equipment to Ukrainian armed forces. These include RBS 17 anti-ship missile system, AG 90 anti-materiel sniper rifles, and Swedish AT-4 recoilless anti-tank weapons.

The latest proposals will increase allocated funds to the central government budget by SEK1bn ($102.25m) in 2022.

Sweden is also considering contributing SEK60m ($6.13m) to NATO fund set up to support Ukrainian armed forces.

In March this year, Sweden announced humanitarian aid worth SEK500m ($51.12m) to Kiev.

In addition, the country is planning to donate SEK100m ($10.22m) to support Ukrainian civil society as part of Swedish Civil Contingencies Agency initiative.

Meanwhile, several member nations and allies of Nato have been doing their bit to express solidarity with Ukraine and respond to Russia’s unprovoked actions.

In Germany, Ukrainian forces are undergoing training to get acquainted with the 155mm PzH-2000 self-propelled artillery system.

The training with German howitzers began in mid-May. The 155mm Panzerhaubitze 2000 howitzers will soon be delivered to Ukraine.

Continuing its efforts to assist Ukraine, the UK Ministry of Defence announced its decision to transfer M270 MLRS to the war-hit nation.

The M270 launchers are capable of hitting targets up to 49.7 miles away, according to the ministry.

In another development, Ukraine and Poland inked an agreement to set up a venture to jointly manufacture military equipment.

Ukraine also signed an agreement to procure over 60 units of Polish 155mm Krab self-propelled artillery howitzers. These howitzers will be shipped in the next few months.

In a first, Lithuanian people raised €6m in three days to procure Bayraktar TB2 combat drone to help Ukrainian forces.

Lithuanian National Defence Minister Arvydas Anušauskas said that the nation signed a pact with Turkey to buy the drone.

Meanwhile, Ukraine and Slovakia signed a contract for the supply of eight 155mm Zuzana 2 self-propelled howitzers, according to Slovakia Defence Minister Jaroslav Naď.

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Latest Updates on the Ukraine/Russia Crisis

Whilst at its core a humanitarian crisis, the Russian invasion of Ukraine risks adding materially to existing global economic and supply challenges. We are likely heading into a period in which geopolitics will become a regular part of boardroom discussions. Recent developments have seen Russian companies make significant progress around the world to supply countries with equipment in various Aerospace, Defense & Security sectors. This means that countries dependent on Russian arms for their security calculations should review all purchases and clauses regarding their programs and payments. Download GlobalData’s 5th Ukraine Conflict Executive Briefing to learn more. This report is part of a continued series that is renewed monthly with the latest data and analysis, as the conflict develops and has wider implications across sectors. Access the latest macro-economic forecasts, charts with the latest data, and our updated sanctions tracker, as well as our updated sector scorecards to reflect the current views on the impact of the crisis at a company level.
by GD50 ADS
Enter your details here to receive your free Report.

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