UK ready to use frozen Russian assets to fund Ukraine war effort

The UK is “ready to progress” to using the full value of frozen Russian assets to support Ukraine’s war effort, Prime Minister Sir Keir Starmer has said.

In a statement, the leaders of the UK, France and Germany said the joint action would “increase pressure” on Russian President Vladimir Putin and “bring Russia to the negotiation table”.

It added the move would be taken “in close cooperation” with the US.

UK sanctions have frozen more than £25bn of Russian assets since Moscow launched its full-scale invasion of Ukraine in 2022. But until now, funds sent to Ukraine using Russian assets had only been taken from profits and interest accrued on them.

Sir Keir told Ukrainian President Volodymr Zelensky that the UK, France and Germany were “united in wanting to drive progress towards using the full value of the immobilised Russian sovereign assets to end the war”.

He added that more sanctions “in the coming days and weeks” would add further pressure on Moscow.

The announcement comes after European leaders met in Copenhagen last week to discuss using frozen Russian assets for a €140bn ($162bn; £121bn) loan to Ukraine.

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Last month, US President Donald Trump called on G7 allies to seize “or otherwise use” frozen Russian assets, according to the Financial Times.

The value of frozen Russian assets in the EU is estimated to be almost €211bn (£181bn).

Russia launched extensive missile and drone strikes across Ukraine on Friday, causing power cuts in large parts of Ukraine’s capital, Kyiv, and eight other regions.

Two people were killed and at least 20 people were injured in the attack, Ukrainian officials said.

In a post on X following the attack, Zelensky wrote that the “cynical and calculated attack” targeted civilian and energy infrastructure.

“What’s needed is not empty words but decisive action – from the United States, Europe and the G7 – in delivering air defence systems and enforcing sanctions,” he wrote.

“Every sanction decision weakens Russia’s war machine,” Zelensky wrote, in a separate post.

Also on Friday, Zelensky told the BBC he would urge Sir Keir to join the PURL programme, under which Nato countries buy weapons from the US to give to Ukraine.

While praising the UK’s strong support for Kyiv, he said it should send a clear signal that it would take part in the system, as well as impose more sanctions on Russia.