British banks oppose transfer of frozen russian assets to Ukraine

British banks have expressed serious concerns about the government's plans to transfer £8 billion ($10.6 billion) in frozen russian assets to Ukraine. The reason is the lack of guarantees of compensation in the event of legal disputes with russia.

This was reported by the Financial Times.

Bankers note that the country's credit institutions may face ‘serious legal risks’ and emphasise their concern about the legality of such a move. ‘The legal risk is that if Ukraine does not pay the debt, the asset that the government considers its own, but russia does not, will have to be seized,’ the publication quotes sources as saying.

At the same time, the British government has announced its readiness to transfer these assets to support Ukraine. Ministers stressed that russian President Vladimir Putin poses ‘an active threat to the citizens, security and prosperity of the United Kingdom.’

Source: iPress, Financial Times