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UK prepared to share risk of using frozen Russian assets for Ukraine – No 10

By Molly Stubbs
Ukrainian President Volodymyr Zelensky (left) and Prime Minister Sir Keir Starmer. Image: Henry Nicholls/PA Wire

Britain is prepared to share the risks with European allies of using frozen Russian assets to aid Ukraine, Downing Street has indicated.

It comes after Belgium on Thursday said it would only back a loan for Ukraine if it receives firm assurances that it will be shielded from any Russian retaliation.

At a crunch summit in Brussels, European leaders are mulling whether to use immobilised Russian money to underwrite a loan to fund Ukraine’s military and economic needs.

Most of the assets are held in the Euroclear bank based in Belgium, whose premier Bart De Wever has so far resisted using them to finance Kyiv.

He has called on other nations in the trading bloc to share the risk amid fears it would be left on the hook to pay back the loan if Moscow succeeded in thwarting the plan.

Prime Minister Sir Keir Starmer’s official spokesman was repeatedly asked if the Government was willing to accept Belgium’s requests to share the risk of unlocking frozen Russian assets for use in Ukraine.

He suggested the Government would, telling reporters: “I think it’s evident within the Government’s actions that what we want to see is those immobilised assets used to support Ukraine.

“We believe that delivering these funds sends a very clear signal to Putin that he cannot outlast the support of the UK and our allies, that is what we remain focused on.”

Earlier Mr De Wever told members of the Belgian parliament: “Give me a parachute and we’ll all jump together.

“If we have confidence in the parachute that shouldn’t be a problem.”

Meanwhile, defence minister Luke Pollard called on former Chelsea owner Roman Abramovich to “do the right thing” and allow the £2.5 billion from the sale of the west London Premier League football club to be used to help Ukraine.

Speaking in the Commons, Mr Pollard said: “We urge (Mr) Abramovich to honour the commitment that he made over three years ago, or face court action.”

Shadow defence minister Mark Francois pressed the Government on when the “long-awaited” defence investment plan (Dip) will be published.

Mr Pollard said Defence Secretary John Healey is “working flat out between now and the end of the year to finalise the Dip”.

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7 comments

Greg

Why is this a loan not a grant. If a loan is repaid with interest, does that eventually enrich Russia who is responsible for the damage this is needed to fix?

Reply
Mike T

Probably because Russia will cyber attack Belgium into the ground otherwise. Or worse.

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Greg

If it's not reparations then just loan money without the Russian connection.

Reply
jimmy

Its a sleight of hand because they dont want to scare 'The Financial Markets'.

Reply
Jeff

Do it. Give them the money. But be prepared. Also don't trust trump or farage, they are putins useful idiots.

Reply
Y Cymro

Don't get me wrong. I'm not against helping those in times of need. But isn't it ironic. We have Keir Starmer and UK Labour committing £21.8 billion to Kiev in military and non military support as Wales suffers perpetual austerity, child poverty, third world infrastructure, and its ongoing devolution deficit. See figure breakdown taken directly from gov.uk website. 1: £13 billion in military support (including our £2.26 billion ERA Loan contribution). 2: up to £5.3 billion in non-military support (including bilateral assistance and fiscal guarantees). 3: £3.5 billion cover limit in export finance (via UK Export Finance for reconstruction and defence projects). UK Labour PM Keir Starmer argues that they (Ukraine) deserve freedom, restoration of land annexed and its sovereignty back. I totally agree. All countries invaded by an aggressor deserve this. Starmer also states that frozen Russian assets should be used towards replenishing its military and help towards rebuilding Ukraine if & when the war is eventually over. But that's easier said than done seeing Putin's pussy Trump sides with Moscow. This attitude differs when it comes to Wales though. Unlike Ukraine, Wales was invaded by England's Edward 1st between 1277 & 1283. We had their knee on our neck for 252 years with its iron ring until we were annexed in our entirety in 1535. We had no one to help us. We were on our own. There's never been calls by Labour to return Welsh sovereignty taken in 1283 or after the illegal Act of Union of 1535. No calls to use English assets to pay towards land restoration or any reparation to the Welsh for the traumer caused as there has been with Ukraine and Ukrainians. I'm deadly serious in what I say. After all, Wales was England's first trophy nation. Ground zero so to speak. Effectively we were the blueprint for their global empire. And this doesn't demean all those fighting for justice enslaved peoples around the world from Africa to Asia who suffered terribly when England ruled the waves staining the map blood pink. We bled first. You hear me crooked Vaughan Gethin!

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Greg

Strictly speaking Brittania was Germania's first colony, although they didn't get it all.

Reply

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Replying to Jeff Cancel

Do it. Give them the money. But be prepared. Also don't trust trump or farage, they are putins useful idiots.

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