Britain refuses to use frozen Russian assets to support Ukraine
The UK government has decided that it will not unilaterally transfer Russia's frozen assets to support Ukraine. This refers to the funds that were blocked by British financial institutions after the start of Russia's full-scale invasion of Ukraine.
This was reported by The Public with reference to The Financial Times. London admitted that the plans included the possibility of using part of the assets to help Ukraine in coordination with other countries, in particular within the European Union and the Group of Seven. However, after the talks, the UK decided not to promote this initiative on its own.
The government argued that such steps should be agreed with international partners, as the assets are under the jurisdiction of several states and are linked to global mechanisms for freezing Russian funds. This means that the UK will not use around £8 billion of frozen Russian assets without a joint agreement with other allies.
London in its decision stressed that it will continue to work closely with the European Union, the Group of Seven and other partners on mechanisms to support Ukraine. The British government said it was important to act in a coordinated manner to maximise the impact of the assistance and not undermine the international legal framework on frozen assets.
London's decision casts doubt on some expectations of a quick redeployment of Russia's vast reserves to rebuild Ukraine and highlights the difficulty of using such funds without broad international support.
