Leaders of G7 countries are close to agreeing plan to use frozen Russian assets to fund Ukraine’s war effort, says UK Foreign Secretary Lord Cameron
by TheTelegraph
Leaders of G7 countries are close to agreeing plan to use frozen Russian assets to fund Ukraine’s war effort, says UK Foreign Secretary Lord Cameron
by TheTelegraph
15 comments
**From The Telegraph’s US Editor Tony Diver and Brussels Correspondent Joe Barnes:**
The leaders of the G7 countries are close to agreeing a plan to use frozen Russian assets to fund [Ukraine’s war effort](https://www.telegraph.co.uk/russia-ukraine-war/), Lord Cameron has said.
The [Foreign Secretary](https://www.telegraph.co.uk/politics/2024/04/12/david-cameron-acting-like-british-pm-says-george-osborne/) said an “emerging consensus” existed between Western countries on how to take advantage of more than £220 billion in Russian assets that have been frozen since Vladimir Putin ordered the invasion of Ukraine in 2022.
The United States has been pushing a plan to borrow billions to send to Ukraine in loans, secured against the future interest on the Russian money – most of which is in Brussels.
The idea is supported by the UK, but has encountered opposition from some European states [including Germany](https://www.telegraph.co.uk/business/2024/03/03/germany-scholz-russia-ukraine-war-putin-nato/), which has been cautious about the future of such a loan if it had a 10-year maturity date.
Such a deal would be likely to be agreed between members of the G7 and the EU, where some other countries, including Hungary and Slovakia, have expressed concerns about repurposing Russian money to fund the war.
Speaking in the House of Lords on Tuesday, Lord Cameron suggested that negotiators from the countries involved were close to an agreement.
“I think there is an emerging consensus that the interest on those assets can be used to support much larger financial support for Ukraine,” he said, adding that there was “an answer” around which G7 countries “can coalesce”.
He said: “If we can get that done, we really will be able to provide real financial firepower to Ukraine based on those assets rather than delivering the assets directly.”
The debate comes amid major concern in Western capitals about the sustainability of Ukraine’s war effort following months of [funding holdup in Washington](https://www.telegraph.co.uk/world-news/2024/04/16/ukraine-aid-bill-us-congress/).
Mike Johnson, the Speaker of the House of Representatives, said on Monday night that he expected to bring Ukraine aid to a vote among US lawmakers, possibly ending the logjam.
His strategy would see financing for Ukraine, Israel and Taiwan [separated into different votes](https://www.telegraph.co.uk/us/politics/2024/04/16/us-house-to-vote-israel-ukraine-aid-bills-congress/), but he faces significant opposition to the vote from some Republican congressmen, and there is no guarantee that his plan would pass the Senate.
Jeremy Hunt, the Chancellor, said he would raise the issue with Janet Yellen, his US counterpart, on a visit this week.
“I think we should be thinking about anything we possibly can to come to the support of Ukraine,” he told Bloomberg, saying “everyone has to do their bit” and that he would have a “very open discussion” about the plans with EU countries.
**Continue reading ⬇️**
[https://www.telegraph.co.uk/politics/2024/04/16/frozen-russian-assets-help-fund-ukraine-g7-deal/](https://www.telegraph.co.uk/politics/2024/04/16/frozen-russian-assets-help-fund-ukraine-g7-deal/)
Have they not already done this yet?
What’s taking them so long?
It’s been a long time coming with lots of jaw-jaw, however in the end it’s results that matter.
Anything will help b/c my Speaker is a Traitor to America and won’t give a vote in the House. He is behind close doors in bed with Russian government. Traitor Mike is not even Christian. And he calls himself a fundamentalist. More like a cult
They should have done this months ago
Excellent!!!
Finally, they are close to considering maybe potentially meeting to discuss the potential of convening a working group to establish a committee to contemplate the viability of scrutinising the proposal to perhaps do the thing.
Meanwhile innocents die by the minute.
Yeah right I believe it when I see it, rich fucks wont touch other rich fucks shit.
They decide like the ents from LOTR. 😅
very well!
take the ruzzian money and givem them back as shells and rockets, on their heads.
while it is a good initiative, I bet you there is a few percent of each countries budget that my have been transformed to help Ukraine to serve better the Humanity.
The lack of urgency tells it‘s own story.
The country is on its knees and unless there is movement on this funding there won’t be a Ukraine left to receive these assets so what happens then , will it be used to fight Russia for the sake of it in the past name of Ukraine as a show of gratitude…..
Just in time for the loss of the war. Good job politicians, a pat on the back
They have been close to a deal for a year. Expecting the war to be over and assets unfrozen before they agreed to use them.
Please get it done, since America can get their shit together!