UK ready to transfer $10.6bn in frozen Russian assets to Ukraine – The Times
The UK government is ready to transfer £8 billion (over US$10.6 billion) in frozen Russian assets to support Ukraine.
Source: The Times, citing government sources
Details: The Times stated that the UK government considers Russian leader Vladimir Putin a threat to the people, security and prosperity of the United Kingdom.
The Times also noted that these funds would cover more than two-thirds of Ukraine's financial needs over the next two years, both for continuing its defence against Russia and for funding the country's recovery if a peace agreement is reached.
As part of an international campaign to increase pressure on Putin, the UK is seeking to reach an agreement with the European Union and other countries, including Canada, to allocate up to £100 billion for Ukraine's military needs.
Background:
- On 3 December, European Commission President Ursula von der Leyen announced two proposals on funding Ukraine in 2026 and 2027, one of which would use proceeds from frozen Russian assets in the EU to provide Ukraine with a reparations loan.
- Even before the new proposal from the European Commission was made public, Belgian Foreign Minister Maxime Prévot said it was absolutely unacceptable.
- Other EU countries are opposed to granting Belgium unlimited guarantees to release the loan for Ukraine.
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