The British government has abandoned its own attempt to use around £8 billion of frozen Russian assets held in British banks to provide aid to Ukraine.
Points of attention
- Britain has decided to not unilaterally use £8 billion of frozen Russian assets to aid Ukraine, opting to collaborate with other countries.
- The UK will continue to work closely with the G7 and the EU to provide necessary resources for Ukraine, showcasing a commitment to international partnerships.
Britain abandoned its own decision on frozen Russian assets
British officials said on December 19 that London would not unilaterally use frozen Russian assets in Britain to aid Kyiv, as it planned to do so only jointly with Australia, Canada, and the EU.
"We will not act without international partners," said a British government spokesman, adding that Britain will continue to work closely with the G7 and the EU on financing Ukraine.
British Finance Minister Rachel Reeves separately said that Britain would "immediately" work with partners to provide Kyiv with the necessary funding.
On Friday, British officials said they would redirect $2 billion in World Bank lending guarantees, rolling over existing commitments to 2026 for Ukraine's "immediate financial needs."
As is known, the European Council agreed to provide Ukraine with a loan of 90 billion euros for 2026–2027 based on EU borrowing on capital markets, secured by EU budget reserves.
