Britain ready to transfer frozen Russian assets to support Ukraine

The UK government is prepared to transfer £8 billion ($10.6 billion) in Russian assets frozen in Britain to support Ukraine.

According to The Times, ministers are ready to release £8 billion of frozen Russian assets to aid Ukraine.

The report notes that ministers have warned that Kremlin leader Vladimir Putin poses an “active threat to the UK’s citizens, security and prosperity.”

As part of international efforts to pressure Putin, Britain is seeking to act as a mediator in a deal with the EU and other countries, including Canada, which could provide up to £100 billion for Ukraine’s military needs.

The Times further states that these funds would cover more than two-thirds of Ukraine’s financial needs over the next two years—either to continue the war or to finance reconstruction if a peace deal is reached.

Returning to London, the article says that plans to use frozen Russian assets in the UK to fund Ukraine were discussed at a NATO foreign ministers’ meeting in Brussels on December 3 as part of talks on unlocking the funds.

However, a government source said that the exact mechanism for releasing the $10.6 billion in frozen Russian assets held in the UK and transferring them to Ukraine has not yet been developed.

By Vugar Khalilov