Saudi Arabia signs $400 million aid agreement with Ukraine

Europe, Middle East, News February 28, 2023 , by IRIA No Comments

Saudi Arabia became the first Arab country to sign an agreement for providing humanitarian aid to the war-torn country of Ukraine during a high-level delegation’s visit to Kyiv, the Saudi foreign ministry announced on February 26, 2023.

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan al Saud led Kingdom’s delegations to Kyiv and met with Ukrainian President Volodymyr Zelenskyy. This was the first visit from a Saudi delegation to Ukraine since the two countries established diplomatic relations in 1993.

Saudi foreign minister also met with his Ukrainian counterpart Dmytro Kuleba and the head of the Ukrainian president’s office Andriy Yermak. The two top diplomats discussed exploring opportunities to enhance bilateral cooperation in a wide range of fields.

In the Presence of the Foreign Minister and Head of the Office of the President of Ukraine, the Kingdom of #Saudi Arabia and #Ukraine Sign an Agreement and MoU Worth $400 Million. 🇸🇦🇺🇦
📄: https://t.co/EsHnV7aYMc pic.twitter.com/747tX4SwYn
— Foreign Ministry 🇸🇦 (@KSAmofaEN) February 26, 2023

“We will continue to cooperate with our Ukrainian friends in order to solve the problem of war, as it affects not only Ukraine, it affects the whole world,” said Al Saud during the meeting with Ukrainian leadership.

Two sides signed a memorandum of understanding (MoU) for a joint cooperation program that aims to provide $100 million dollar to Ukraine in terms of humanitarian aid. The MoU also pledges that Saudi Fund for Development would allocate $300 million for Ukraine’s oil derivatives.

The aid package was first announced by Saudi Crown Prince Mohammed bin Salman in October 2022, after his phone call with the Ukrainian President. The Crown Prince had expressed willingness to help Ukraine with humanitarian aid. He also announced that the Kingdom would support de-escalation efforts and continue mediation efforts to resolve the conflict.

*^{Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan with Foreign Minister of Ukraine Dmytro Kuleba in Kyiv, Ukraine. (Image Credit: Twitter/@KSAmofaEN}*

Saudi Arabia has been making diplomatic efforts to peacefully resolve the conflict between Russia and Ukraine. Despite being a close ally to the U.S., Saudi Arabia has maintained a neutral stance on matters related to the Russian-Ukraine war while offering humanitarian support to Kyiv. Saudi crown prince has also played a pivotal role in mediating between Russia and Ukraine for exchanging several prisoners of war.

The Crown Prince has also been in close contact with Russian President Vladimir Putin to discuss cooperation on matters related to OPEC+, the organization of petroleum exporting countries. Russian and Saudi Arabian leaders focused on maintaining stability in the oil market in light of impacts related to the Russia-Ukraine war.

Around the end of last year, Saudi Arabia’s role as a neutral mediator came into question after the Kingdom voted in favor of a United Nations resolution that condemns Russia’s annexation of Ukrainian territories, a decision Kyiv lauded and interpreted as Riyadh supporting the territorial integrity of Ukraine.