The UK government is preparing to transfer £8 billion (approximately €9.2 billion) in frozen Russian assets to Ukraine, according to reports published this week. London hopes to take the lead in international efforts to unlock hundreds of billions of pounds that have remained frozen in Western jurisdictions since Russia invaded Ukraine.
A Decision Shadowed by the Novichok Attack Findings
The announcement coincided with the release of an official report on 4 December, which concluded unequivocally that Russian President Vladimir Putin personally authorized the use of the military-grade nerve agent Novichok in Salisbury in 2018. The attack led to the death of British citizen Dawn Sturgess.
Foreign Secretary Yvette Cooper, commenting on the investigation’s findings, stated that Putin remains “an active threat to the people of the United Kingdom, to our security and to our prosperity.” According to the government, these conclusions form a key justification for unfreezing Russian assets to support Ukraine.
A Global Plan to Finance Kyiv
The UK is holding intensive consultations with the European Union, Canada and other allies on a broad agreement that could unlock as much as £100 billion (around $130 billion) over the next two years. The funds would support both Ukraine’s military needs and the reconstruction of its infrastructure.
According to The Times, such a substantial financial package would cover more than two-thirds of Ukraine’s projected budget shortfall in the near term. For London, it would also signal to the international community that the West does not intend to ease financial pressure on the Kremlin.
London Hopes for a Domino Effect
The British initiative could become the driving force behind a wider global coalition that has for months been examining the legal and political mechanisms needed to use frozen Russian assets. Although the topic remains controversial—especially among countries concerned about setting a precedent that could undermine the stability of the international financial system—pressure to act has been mounting as the war drags on.
The UK is expected to present a concrete plan in the coming weeks, signaling its readiness to take unilateral steps if multilateral coordination proves too slow.
Source: CEO.com.pl
