Britain Ready to Utilize Immobilized Russia's Funds to Finance Ukraine's War Effort

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The UK is set to progress with utilizing the entire amount of seized Russian assets to bolster Ukraine's war effort, Prime Minister Sir Keir Starmer has declared.

In a joint statement, the heads of state of the UK, the French Republic, and the Federal Republic of Germany stated that this joint measure would heighten pressure on Moscow's head Vladimir Putin and compel Russia to come to the table.

They further noted that the move would be executed in close cooperation with the US.

UK penalties have frozen more than £25bn of Russia's resources since Russia initiated its full-scale invasion against Ukraine in 2022. However, until now, resources allocated to Ukraine using Russian funds had only been drawn from gains and dividends accrued on them.

Sir Keir assured President Volodymyr Zelensky that the United Kingdom, the French Republic, and Germany were aligned in their aim to drive progress toward using the complete amount of the immobilized Russia's state assets to halt hostilities.

He stated that additional sanctions in the coming days and weeks would heighten the tension on Russia.

This statement is subsequent to European leaders gathered in Copenhagen recently to debate employing immobilized Russian assets for a €140 billion credit to Ukraine.

Recently, President Donald Trump called on Group of Seven partners to confiscate or otherwise use immobilized Russia's assets, according to news outlets.

The value of immobilized Russian funds in the Europe is assessed to be approximately €211bn.

President Zelensky encourages UK's Sir Keir Starmer to take part in the weapons procurement initiative

Moscow carried out large-scale bombardments throughout Ukraine on Friday, leading to power cuts in many areas of Ukraine's capital, the city, and multiple additional areas.

Two people were fatally injured and at least 20 people were wounded in the attack, authorities in Ukraine stated.

In a update on X after the incident, Zelensky stated that the strategic strike aimed at non-military and power facilities.

"What's needed is not mere statements but concrete steps - from the America, Europe, and the Group of Seven - in supplying anti-aircraft weapons and enforcing penalties," he emphasized.

"Each restrictive measure weakens the Russian war effort," Zelensky wrote, in a separate post.

Also on Friday, Zelensky told reporters he would encourage Sir Keir to join the Purl programme, under which partner nations buy weapons from the United States to donate to the Ukrainian forces.

While commending the UK's consistent assistance for the Ukrainian government, he noted it should send a clear signal that it would participate in the program, as well as apply additional measures on Russia.

Large-Scale Assaults Cut Power in the Capital and Throughout the Nation

  • War in Ukraine
  • French Republic
  • Germany
  • Russia
  • Ukraine
Renee Price
Renee Price

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