UK rules out using frozen russian assets to aid Ukraine

This was reported by the Financial Times newspaper, citing government officials.

Officials explain this decision as follows: London will not use frozen russian assets unilaterally, as it was planned that the United Kingdom would only take such a step jointly with Australia, Canada and the EU.

‘We will not act without our international partners,’ said a government representative, adding that Britain ‘will continue to work closely with the G7 and the EU on financing Ukraine.’

In early December, The Times wrote that the British government was ready to transfer £8 billion of russian assets frozen in the country to support Ukraine.

However, British Treasury Secretary Rachel Reeves said that London would immediately begin working with partners to provide Kyiv with the necessary funding.

The UK also has a separate standing commitment to provide £3 billion per year in military support until at least 2030, as announced in May 2024 by then-Foreign Secretary David Cameron and later reiterated by Prime Minister Keir Starmer.

Source: Suspilne, Financial Times