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The British Prime Minister, Sir Keir Starmer, announced that the UK is prepared to utilize the entire value of frozen Russian assets to aid Ukraine in its fight against Russia. This decision came after a joint statement from the leaders of the UK, France, and Germany, expressing their intention to escalate pressure on Russian President Vladimir Putin and push Russia towards negotiation. The move is expected to be coordinated closely with the United States.
Over £25bn of Russian assets have been frozen by UK sanctions since Russia’s full-scale invasion of Ukraine in 2022. However, up until now, only profits and interest accrued from these assets were used to support Ukraine. Sir Keir Starmer assured Ukrainian President Volodymr Zelensky of the united efforts of the UK, France, and Germany to utilize the immobilized Russian sovereign assets in order to end the conflict. He also hinted at more sanctions to be imposed in the near future to intensify pressure on Moscow.
European leaders recently convened in Copenhagen to discuss the possibility of utilizing frozen Russian assets to provide a €140bn ($162bn; £121bn) loan to Ukraine. Meanwhile, US President Donald Trump had urged G7 allies in the past to seize or use frozen Russian assets. The estimated value of frozen Russian assets in the EU stands at nearly €211bn (£181bn).
In response to Russia’s recent extensive missile and drone strikes across Ukraine, causing power outages in multiple regions, two individuals were reported dead and around 20 injured. Ukrainian officials condemned the attack, with President Zelensky calling for concrete actions rather than mere words from the US, Europe, and the G7. Zelensky emphasized the importance of delivering air defense systems and enforcing sanctions to weaken Russia’s military capabilities. Additionally, he urged the UK to participate in the PURL program, urging Nato countries to acquire weapons from the US for Ukraine
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