UK ‘ready to progress’ on using frozen Russian assets to back Ukraine

By Aysu Bicer

LONDON (AA) - The UK is prepared to move forward with plans to use the full value of frozen Russian assets to support Ukraine’s war effort.

In a statement issued by Downing Street on Friday, the UK Prime Minister Keir Starmer said: "Putin was not serious about peace”, stressing that Kyiv must receive the military support it needs “to defend itself from Russia’s continued aggression.”

The announcement follows a meeting of European leaders in Copenhagen last week, where officials discussed using frozen Russian assets as collateral for a €140 billion ($162 billion) loan to Ukraine.

“Reflecting on his discussions with the leaders of France and Germany this morning, the Prime Minister said all three countries were united in wanting to drive progress towards using the full value of the immobilized Russian sovereign assets to end the war and ensure a just and lasting peace in Ukraine,” Downing Street said.

According to the statement, the leaders also agreed that “further sanctions in the coming days and weeks would also add to the pressure on Russia.”

Last month, US President Donald Trump urged G7 allies to “seize or otherwise use” Russian assets frozen in Western jurisdictions, according to the Financial Times.

The value of Russian state assets immobilized within the EU is estimated to be nearly €211 billion ($245 billion).