( KYIV, UKRAINE ) – The United Kingdom is preparing to transfer £8 billion, approximately $10.6 billion at current exchange rates, of frozen Russian assets to support Ukraine. According to The Times and UNN, this sum could cover more than two-thirds of Ukraine’s financial requirements for the next two years, whether to continue military operations or support reconstruction in the event of a peace agreement.
British officials have described Russian dictator Vladimir Putin as an “active threat to the citizens, security and prosperity of Great Britain.” The UK is also seeking to coordinate with the European Union and other countries, including Canada, in a broader effort that could release up to £100 billion for Ukraine’s military and reconstruction needs.
A government source indicated that the exact mechanism for unblocking and transferring the £8 billion of Russian assets held in the UK has not yet been finalised.
Belgian Prime Minister Bart De Wever has expressed hope for a “fruitful discussion” with German Chancellor Friedrich Merz regarding the EU’s plan to use frozen Russian assets to provide a “reparation loan” to Ukraine. Chancellor Merz cancelled a trip to Oslo to hold a private dinner in Brussels on Friday, aiming to persuade Belgian authorities to support the initiative. The proposed EU loan would total 165 billion euros, using the value of Russian state assets immobilised on Belgian territory.
| Country | Proposed Contribution | Purpose |
|---|---|---|
| United Kingdom | £8 billion ($10.6 billion) | Support Ukraine military and reconstruction |
| European Union | 165 billion euros ($180 billion) | Reparation loan from frozen Russian assets |
| Canada | Part of coordinated effort | Military and reconstruction aid |
The UK’s move forms part of broader international efforts to increase financial pressure on Russian dictator Vladimir Putin, while supporting Ukraine’s ongoing needs during the conflict. EU leaders are expected to discuss the Belgian-backed reparation loan plan on December 18, with failure to reach agreement potentially requiring member states to use taxpayer funds to fill the gap.
