On 8 March 2019, the Foreign Ministry of Ukraine announced that since the US and Russia had both pulled out of the treaty, it now had the right to develop intermediate-range missiles, citing Russian aggression as a serious threat to the European continent, and the presence of Russian Iskander-M nuclear-capable missile systems in Russian-annexed Crimea. Ukraine was home to about forty percent of the Soviet space industry, but never developed a missile with the range to strike Moscow, only having both longer and shorter-ranged missiles. Ukrainian president Petro Poroshenko said "We need high-precision missiles and we are not going to repeat the mistakes of the 1994 Budapest Memorandum", which had provided security assurances relating to the accession of Ukraine and other former Soviet states to the Treaty on the Non-Proliferation of Nuclear Weapons.