The Times: UK prepares to transfer $10.7 million in frozen Russian assets to Ukraine

The United Kingdom plans to transfer around the equivalent of $10.7 million of frozen Russian assets to Ukraine, the London-based The Times reports, citing sources. These assets were blocked by London following Russia’s full-scale invasion of Ukraine.

The dispatch says government ministers have agreed that Russia, led by Vladimir Putin, poses a “direct and active threat to UK citizens and their security,” creating a legal pathway for the transfer of the frozen funds to Ukraine.

The funds could cover nearly two-thirds of Ukraine’s needs over the next two years, both for defense and reconstruction, if international partners advance toward a potential peace agreement, the report notes.

In addition, the UK, together with the European Union and Canada, is working on creating a joint fund that could provide roughly 100 billion pounds ($133 billion) in military financing for Ukraine.

Earlier, UWC Executive Committee member Zenon Kowal explained that Belgium is not categorically opposed to using frozen Russian assets to support Ukraine but insists on robust legal guarantees.

Most of the frozen Russian assets are in Belgium where Euroclear, the world’s largest securities clearing settlements systems, is based.