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Frozen Russian assets could be used to fund billions of pounds worth of Ukraine’s war effort, Rachel Reeves will announce.
The chancellor will say it is the “right to explore all options to support Ukraine”, at a meeting with her European counterparts in Copenhagen on Saturday.
It comes after Russia provoked global outrage when its jets flew into Estonian airspace on Friday.
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Russia Ukraine War Weapons Industry (Copyright 2024 The Associated Press. All rights reserved)
Three Russian MiG-31 fighter jets entered Estonian territory where they remained without permission for 12 minutes, the Estonian foreign ministry said.
It is the latest in a string of Russian moves into Nato territory – following recent drone incursions into Poland and Romania – leading US President Donald Trump to warn of “big trouble”.
The European Commission president, Ursula von der Leyen, last week suggested it could provide a loan to Ukraine backed by the “cash balances” associated with Russian assets frozen by the EU.
The move would allow the EU to use Russian assets to fund Ukraine’s fight against Moscow’s invasion without immediately confiscating them, amid fears this could breach international law.
Announcing the UK’s plans, Ms Reeves said: “While Russia has no respect for international law, the UK does.
“We will only consider options in line with international law and that are economically and financially responsible.”
In March, the UK announced it would provide a £2.26bn loan to Ukraine based on profits generated by frozen Russian assets.
But the government has been urged to go further. On Saturday, former defence secretary Ben Wallace called on the government to use frozen Russian assets to fund the war effort in Ukraine against Moscow’s invasion as he urged the UK to “double down” and stretch Russian president Vladimir Putin’s forces.
He said the move would force Russia to divert assets to Ukraine, making it harder for Putin to make incursions into other countries such as Estonia, in an interview with the BBC’s Today programme.
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The chancellor Rachel Reeves (James Manning/PA) (PA Wire)
The Liberal Democrats have called on ministers to seize Russian assets outright and use them to support Ukraine.
The Treasury said a “reparations loan” could see billions of pounds made available for Ukraine without touching the underlying assets.
Ms Reeves said: “This is Russia’s war, and Russia should pay. It is right to explore all options to support Ukraine.
“Defending against Russian aggression is vital not just to the long-term security and prosperity of Ukraine, but to the UK and the whole of Europe.
”Since the outbreak of war, the UK has committed up to £21.8 billion for Ukraine, just less than the £25 billion of Russian assets the government has frozen.