The United Kingdom Set to Use Immobilized Russian Holdings to Support the Ukrainian Military Campaign

Placeholder Related Image

The British government is ready to advance with utilizing the entire amount of immobilized Russian holdings to support Ukraine's war effort, Prime Minister Sir Keir Starmer has declared.

In a collective announcement, the leaders of the United Kingdom, France, and the Federal Republic of Germany asserted that this unified step would escalate tension on Russia's leader Vladimir Putin and persuade Moscow to participate in talks.

They further noted that the move would be carried out in close cooperation with the America.

United Kingdom penalties have frozen over £25bn of Russia's assets since Russia initiated its comprehensive attack against Ukraine in 2022. But, up to this point, funds allocated to Ukraine using Russia's holdings had only been drawn from earnings and returns earned on them.

Sir Keir informed Ukraine's leader Volodymyr Zelensky that the United Kingdom, the French Republic, and the Federal Republic of Germany were united in their goal to push forward toward employing the complete amount of the immobilized Russian sovereign holdings to conclude the conflict.

He noted that further sanctions over the next period would increase the strain on Russia.

This declaration follows European Union representatives gathered in the Danish capital last week to discuss utilizing seized Russia's funds for a €140 billion loan to Ukraine.

Last month, American leader Donald Trump called on Group of Seven partners to seize or otherwise use seized Russia's holdings, based on news outlets.

The worth of seized Russian assets in the Europe is calculated to be almost €211bn.

President Zelensky urges the United Kingdom's Sir Keir Starmer to participate in the weapons procurement programme

Moscow launched large-scale missile and drone strikes all over the Ukrainian territory on that day, leading to power cuts in many areas of Ukraine's capital, the city, and several other zones.

Several persons were lost their lives and at least 20 people were wounded in the assault, Ukrainian officials reported.

In a post on X following the attack, Zelensky commented that the strategic strike focused on civilian and energy infrastructure.

"What is required is not just talk but firm measures - from the America, Europe, and the Group of Seven - in providing anti-aircraft weapons and enforcing sanctions," he wrote.

"Each restrictive measure undermines Russia's war machine," Zelensky wrote, in a separate post.

In the same period, Zelensky informed media outlets he would urge Sir Keir to participate in the PURL programme, under which Nato countries buy weapons from the United States to donate to the Ukrainian forces.

While commending the United Kingdom's firm backing for Ukraine, he noted it should send a clear signal that it would take part in the system, as well as enforce further restrictions on Russia.

Major Russian Strikes Cut Power in Kyiv and Across Ukraine

  • Ukraine War
  • French Republic
  • Germany
  • Russia
  • Ukrainian Nation
Paul Butler
Paul Butler

Lena Schmidt is a Berlin-based political analyst specializing in EU affairs and transatlantic relations.