UK ready to use frozen Russian assets to fund Ukraine war effort

BBC:

The UK is “ready to progress” to using the full value of frozen Russian assets to support Ukraine’s war effort, Prime Minister Sir Keir Starmer has said.

In a statement, the leaders of the UK, France and Germany said the joint action would “increase pressure” on Russian President Vladimir Putin and “bring Russia to the negotiation table”.

It added the move would be taken “in close cooperation” with the US.

UK sanctions have frozen more than £25bn of Russian assets since Moscow launched its full-scale invasion of Ukraine in 2022. But until now, funds sent to Ukraine using Russian assets had only been taken from profits and interest accrued on them.

Sir Keir told Ukrainian President Volodymr Zelensky that the UK, France and Germany were “united in wanting to drive progress towards using the full value of the immobilised Russian sovereign assets to end the war”.

He added that more sanctions “in the coming days and weeks” would add further pressure on Moscow.

The announcement comes after European leaders met in Copenhagen last week to discuss using frozen Russian assets for a €140bn ($162bn; £121bn) loan to Ukraine.

Last month, US President Donald Trump called on G7 allies to seize “or otherwise use” frozen Russian assets, according to the Financial Times.

The value of frozen Russian assets in the EU is estimated to be almost €211bn (£181bn).