BRUSSELS, Belgium – The United Kingdom is preparing to tap into the full value of frozen Russian assets to bolster Ukraine’s war effort, Prime Minister Sir Keir Starmer announced on Friday, signalling a major escalation in Western economic measures against Moscow.
In a joint statement with French President Emmanuel Macron and German Chancellor Olaf Scholz, the three leaders said the coordinated move would “increase pressure” on Russian President Vladimir Putin and “bring Russia to the negotiation table.”
The initiative, they added, would be undertaken “in close cooperation” with the United States, which has also pushed its allies to expand the use of immobilised Russian sovereign assets.
“The UK, France and Germany are united in wanting to drive progress towards using the full value of the immobilised Russian sovereign assets to end the war,” Starmer said after speaking with Ukrainian President Volodymyr Zelensky.
Over £25 Billion in Russian Assets Frozen in UK
Since Russia launched its full-scale invasion of Ukraine in 2022, the UK has frozen more than £25 billion in Russian assets.
Until now, funds directed to Ukraine have only come from profits and interest generated by these holdings, not from the principal amounts themselves.
Starmer said additional sanctions would follow “in the coming days and weeks,” adding further strain on Moscow’s economy.
The announcement follows a meeting of European leaders in Copenhagen last week, where discussions focused on leveraging frozen Russian assets to secure a €140 billion ($162 billion; £121 billion) loan package for Kyiv.
G7 Push to Seize Russian Assets Gains Momentum
Momentum for a broader international approach has also been building. In September, US President Donald Trump reportedly urged G7 allies to “seize or otherwise use” frozen Russian funds to support Ukraine, according to the Financial Times.
The European Union currently holds an estimated €211 billion (£181 billion) in Russian assets — the largest pool globally — though legal and political hurdles have slowed efforts to repurpose them directly for Ukraine’s reconstruction or military support.
Renewed Russian Attacks Intensify Calls for Action
The announcement came hours after Russian forces launched extensive missile and drone strikes across Ukraine, triggering blackouts in Kyiv and eight other regions. Ukrainian officials said two people were killed and at least 20 others wounded in the assault.
In a post on X, President Zelensky condemned what he called a “cynical and calculated attack” targeting 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,” Zelensky said.
He added that “every sanction decision weakens Russia’s war machine.”
Speaking to the BBC on Friday, Zelensky also urged the UK to join the NATO-backed PURL programme, under which member states collectively purchase American weapons for Ukraine.
While praising Britain’s strong backing for Kyiv, he said London’s participation would send a “clear signal” of continued commitment.
