They said: \u201cTo that end, we are ready to progress towards using, in a co-ordinated way, the value of the immobilised Russian sovereign assets to support Ukraine\u2019s armed forces and thus bring Russia to the negotiation table. We aim to do this in close co-operation with the United States of America.\u201d<\/p>\n
Starmer is also understood to have discussed the plan with President Zelensky of Ukraine<\/a>. Downing Street said that the UK, France and Germany were \u201cunited in wanting to drive progress towards using the full value of the immobilised Russian sovereign assets to end the war\u201d. <\/p>\n Renewed attacks across Ukraine have strained its economy and pushed Western leaders to accelerate plans for long-term financial support<\/p>\n DAN BASHAKOV\/AP<\/p>\n Rachel Reeves, the chancellor, is due to discuss the proposals with other western finance ministers at a meeting of the International Monetary Fund in Washington next week.<\/p>\n The UK is believed to hold more than \u00a325 billion of Russian financial assets that were seized after the invasion of Ukraine, including money held in the UK by the Russian central bank, national wealth fund and ministry of finance.<\/p>\n Belgium holds \u20ac190 billion (\u00a3165 billion) worth of assets in Euroclear<\/a>, the Brussels-based central securities depository, and France holds \u20ac19 billion (\u00a316 billion).<\/p>\n \u2022 How Europe can hit Russia where it hurts \u2014 and why it probably won\u2019t<\/b><\/a><\/p>\n Until now, the UK and other countries have been prepared to use only the interest on Russian assets to fund the Ukrainian war effort. Belgium is said to have been reluctant to release the money for fear that having done so could be deemed illegal in the future \u2014 having to repay such a sum would effectively bankrupt the country.<\/p>\n However, under a plan being worked up by EU and G7 leaders, countries would issue up to \u20ac172 billion (\u00a3149 billion) in loans to Ukraine by swapping Russian cash linked to the immobilised assets for zero-interest bonds. Ukraine would have to pay back the loan only if Moscow paid war reparations, which is considered unlikely.<\/p>\n This mechanism would allow countries to spread the risk of confiscating Russian assets while freeing up huge sums. The hope is that this will increase the pressure on Putin to come back to the negotiating table and provide a long-term financing mechanism for Ukraine to fill the gap left by American moves to reduce its financial support. <\/p>\n \u2022 The Times View: Action, not rhetoric, is needed to check Putin\u2019s aggression<\/b><\/a><\/p>\n![\"Emergency](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/10\/\/6e8861af-cc19-420a-a324-037433982d6e.jpg\")
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